Internal Revenue Service proposes tax on mobile machinery. (Washington Alert).
The industries that are likely to be most impacted by the tax change include: oil drilling, water drilling, utilities, commercial construction, timber and mining. Foundries supply castings for machinery 'and equipment to all these industries.
The comment period on the proposal, originally scheduled to expire on September 4, has been extended until December 4. The IRS could make the rule effective as proposed, withdraw the rulemaking or revise the rule in its final form. The content and amount of public comment the IRS receives will have a significant influence on the future of this proposal.
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|Article Type:||Brief Article|
|Date:||Oct 1, 2002|
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