U.S. Manufacturing Hurt by Lagging Tax Legislation

By Gary G. Wallace, CPA, Managing Partner

U.S. Manufacturing Hurt by Lagging Tax Legislation

Keiter’s managing partner featured in Industry Today article

Gary Wallace, managing partner, shared insights on Congress’ struggles to pass informed tax legislation regarding research and development for the manufacturing industry in the Industry Today article titled “U.S. Manufacturing Hurt By Congress’ Inaction”.


Manufacturing is the backbone of the United States and has fueled our domestic economy for over a century. Not only does the manufacturing industry spur job creation, but it is also the reason why the U.S. continues to be the global leader of innovation in the aerospace, pharmaceutical, engineering, automotive, and technology industries. However, U.S.-based manufacturers are facing an unprecedented constraint on their research and development efforts because of Congress’s inability to pass informed tax legislation. As a result, we are concerned that domestic manufacturers may pull back on research and development investments. To remain globally competitive, the manufacturing industry must demand reforms from Congress but prepare themselves for additional tax burdens.

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The Keiter Tax Team is closely monitoring this and other tax legislation. We will keep you informed on new and changing regulations impacting the manufacturing industry.

Questions on how the research and development tax changes may impact your business? Contact your Keiter Opportunity Advisor or Email | Call: 804.747.0000

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About the Author

Gary G. Wallace

Gary G. Wallace, CPA, Managing Partner

Gary provides tax and business advisory services to business and individual clients. He has advised clients in various aspects of restructurings, including tax aspects of debt workouts and foreclosures, forgiveness of indebtedness, bankruptcy restructurings and liquidations, establishing liquidating trusts and partner-partnership transactions. Gary also has significant knowledge and experience in individual taxation, business taxation, and advising clients on all aspects of tax matters. He is the Managing Partner of the Firm.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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