Industry Today: The World of Manufacturing
READER SERVICES
ADVERTISING
at the forefront
of business publishing...
 Date:5/21/2007 AAFA |
| News Release AAFA Successfully Expands Favorable NYC Tax Regulations The American Apparel & Footwear Associations (AAFA) Tax Managers Committee was instrumental in expanding New York Citys tax-lowering double weighting method a method used to compute city income tax to include additional apparel and footwear companies which complete extensive pre-production activities within the city, but do not necessarily manufacture there. Through committees, AAFA members take ownership of the association and drive the change they wish to see, said Kevin M. Burke, President and CEO, AAFA. The Tax Managers Committee first met with the New York City Department of Finance in 2005, and has worked tirelessly since then to expand this advantageous tax regulation. The committee was assisted by the law firms of Morrison & Foerster and Hodgson Russ. Previously, the beneficial tax regulation method of double weighting was only available to apparel and footwear companies that actually completed manufacturing within the city. Only the publishing industrys pre-production activities were entitled to the same tax regulation method intended for manufacturers. AAFAs Tax Managers Committee successfully argued that the existing favorable provision for the publishing industry should be extended to all industries. The change now applies to current and all open tax years. The American Apparel & Footwear Association (AAFA) is the national trade association representing apparel, footwear and other sewn products companies, and their suppliers, which compete in the global market. AAFA's mission is to promote and enhance its members' competitiveness, productivity and profitability in the global market by minimizing regulatory, commercial, political, and trade restraints. For information visit www.apparelandfootwear.org. |
THE LATEST
Manufacturing M&A: Doing Deals in a Reset World
Many manufacturing companies are cautiously shifting gears from retrenchment to expansion as business activity revives and credit markets improve. After nearly two years of focusing on cash and liquidity preservation and cost reduction, they are now looking to build capacity and explore growth opportunities. Read More>>