New tax break accounted for as deduction says FASB.
Position | FASB News - Brief Article |
Companies eligible for a tax cut for "qualified production activities" resulting from the American Jobs Creation Act of 2004 should use the benefit as a special deduction against taxable income over time, according to the FASB.
[ILLUSTRATION OMITTED]
The tax break cuts the top tax rate for American manufacturers engaged in "qualified production activities" by 3 percentage points, to 32 percent.
With the "special deduction" treatment outlined in Staff Position 109-a, companies are able to lower income subject to tax and reduce their reported income tax expenses and effective income tax rates in the periods when the benefits are taken.
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