Regulation, Taxes & Reform: What Metalcasters Need to Know


In a year when the economy and control of the White House are up in the air, numerous regulations could impact the way metalcasters do business. A MODERN CASTING STAFF REPORT


to the future growth and survival of their business, according to the results of a recent survey. Events of the past three years suggest they’re right to be concerned: 106 new major regulations have been added to the list of federal agency regulations in that time. With each new regulation comes a price tag—the economy will take a $46 billion hit per year due to these recent additions alone. In a Tax Reform Survey conducted


A 32 | MODERN CASTING June 2012


lmost 60% of metalcast- ers say regulatory burdens are a signifi cant challenge


by the American Foundry Society (AFS) last month, metalcasters also indicated economic uncertainties and federal taxes pose signifi cant chal- lenges to their survival. Fifty-fi ve percent of respondents indicated they spend more than 120 hours each year dealing with federal taxes. In May, metalcasting leaders met in


Washington during the annual AFS Government Aff airs Conference to voice their concerns on a variety of specifi c topics related to regulatory burden and tax reform. Following is a breakdown of the issues they discussed.


TAX REFORM


American Research and Competiveness Act of 2011, Greater Research Opportunities With Tax Help Act


T e Research & Development


(R&D) Tax Credit was enacted in 1981 and has been extended 14 times. It is currently used by companies of all sizes (for more information, see “2 Ways to Improve Cash Flow Now” on p. 24). T e credit, which has served as an incentive to spark investment in R&D and create jobs,


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