WASHINGTON -- A pair of provisions of the Economic Stimulus Act of 2008 signed into law
Feb. 13 by President Bush provide
significant benefit to manufacturing companies.
The new law nearly doubles the amount of deductible Code Sec. 179
expensing for 2008, to $250,000, and increases the threshold for
reducing the deduction to $800,000. It applies to property purchased
and put into service in the tax year beginning in 2008. This would benefit businesses purchasing equipment.
The law also provides a temporary bonus depreciation aimed at encouraging
business investment. Property must be eligible for the modified
accelerated cost recovery system, with a depreciation of 20 years or
less, and must be purchased and placed in service during 2008. The new
law provides taxpayers a 50% first-year bonus depreciation of the
adjusted basis of the property.
BRUSSELS -- A consultant for the European Union has identified more than 45 substances not currently covered by RoHS laws for possible inclusion in new draft rules expected to be ready next month.
The EU review of the RoHS Directive could lead to an expansion of the scope of covered substances and the list of covered electronics, industry sources say, and some current exemptions could be revoked.
GLENVIEW, IL – Illinois Tool Works’ power systems and
electronics group reported sales rose 6.1% year-over-year for the period ended
Feb. 29. Meanwhile, speculation abounds over a possible acquisition of a leading soldering equipment OEM.
LONDON -- EMS provider TT Electronics reported earnings rose 7% last year on a 1% hike in sales for the year ended Dec. 31.
Pre-tax profits from continuing operations were up 6.7% to £33.3 million, before one-time profits in 2006. Sales hit £544.9 million.
The company cautioned for the 2008 outlook. “While current trading is expected to remain overall similar to 2007, the further reorganization of operations, difficulties in the credit markets and concerns as to the effect on the global economy causes the board to take a cautious view for the current year,” said executive chairman John Newman.
During the year, TT's pension fund deficit was reduced to £17.4 million from £72.6 million a year ago.
SCHAUMBURG, IL -- Misumi USA will conduct a series of configuration technical seminars in Texas next month. The four-hour seminars are on designing machines faster with configurable components and are designed to help engineers overcome time and performance pressures typically
associated with custom machine builds.
The series takes place April 1, at the Hilton Houston Southwest; April 2, at the
Hilton Austin Airport; and April 3, at the Hilton Arlington.
Misumi manager of product development Mike Melone, an experienced
engineer of configurable components, will present.