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Tax Considerations for Manufacturers in 2024

Tax Considerations for Manufacturers in 2024

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November 2023

The manufacturing industry will face several changes in federal tax law in 2024 thanks to the Tax Cuts and Jobs Act (TCJA) of 2017. New or expanded tax credits are also available to encourage certain types of manufacturing activities. Manufacturing businesses may want to explore opportunities presented by these tax credits. They should also prepare themselves for changes to bonus depreciation rules and the tax treatment of expenditures related to research and development (R&D). That said, pending legislation could reverse or make further changes to some of these tax rules.

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