Last December, President Trump signed the Tax Cuts and Jobs Act into law. The largest shake-up to the federal tax code in more than 30 years, the law includes myriad changes that will benefit manufacturers.
Among other things, the law reduces the corporate tax rate from 35 to 21 percent and repeals the corporate alternative minimum tax. The law also allows companies to immediately expense the full cost of qualified property acquired and placed into service before 2023. And, it maintains the R&D tax credit.