2022 Marcum National Manufacturing Survey Report

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THE 2022 MARCUM NATIONAL MANUFACTURING SURVEY REPORT

100%

90%

Accelerated depreciation/ cost segregation 57%

80%

State and Local Tax

R&D tax credit 57%

70%

(SALT) credits 50%

60%

Work Opportunity Tax Credit 32%

50%

None of theabove 25%

40%

30%

20%

10%

0%

Are you taking advantage of the following tax incentives? Q37

ECONOMICS, POLICY, AND TAXES

TAX INCENTIVES CAN FUEL PROFITS While 75% of respondents use some kind of tax credit or incentive, there is ample opportunity to maximize the benefits of these programs, whether through state, federal, or local entities. The R&D tax credit is a great example. It is a federal program, though many states also offer one that can be used in tandem. It provides a dollar-for-dollar offset of income tax liability for select qualified expenditures, including research costs for things like designing new equipment, improving processes, or testing prototypes. Tax laws are always changing so regardless of what programs you’re using, it is probably worthwhile to check in with a tax expert to ensure you’re getting all the benefits possible for your business.

FEDERAL INITIATIVES AFFECTING MANUFACTURING

The big spending headline from last year was the passing of the federal infrastructure bill, and 39% of respondents expect to benefit from that legislation while 41% want infrastructure spending to be an ongoing priority in the coming year. Reducing taxes was once again the leading answer when it came to what respondents want out of the presidential administration, with 52% choosing it. Other popular items related directly to ongoing macroeconomic challenges, with 48% hoping for more reshoring of manufacturing to the U.S. and 41% seeking more promotion of workforce training. Immigration reform rounded out the top issues, with 26% of the vote — a number identical to last year.