Textile executives attending the National Council of Textile Organizations’ annual meeting in April said that, as the strong resurgence in the U.S. textile industry continues to build, they plan to carry that message to Congress and the White House in anticipation of action on several pending trade deals and measures this spring that will have a significant impact on their businesses.
“There is a natural gravitational pull for some business and programs to come back to the Western Hemisphere based on macroeconomic conditions, transportation costs, energy costs, [rising] labor costs in Asia,” said Auggie Tantillo, president and chief executive officer of NCTO.
More than 13 foreign and domestic companies have revealed plans to invest a combined $2 billion in new U.S. textile facilities and create about 3,000 jobs in North Carolina, South Carolina, Georgia and Louisiana, said Jay Self, outgoing NCTO chairman.
In a letter to members of the Senate Committee on Finance, ASI joined with other national agriculture groups commending the committee for embarking on its thoughtful approach to tax reform. The groups offered comments on several items of particular interest to farmers, ranchers and the agriculture industry.
Cash accounting, combined with the ability to accelerate expenses and defer income, gives farmers and ranchers the flexibility they need to manage their businesses and their tax burden. The groups warned against reducing the number of farms and ranches eligible to use cash accounting.
The restoration of the maximum amount of expensing under Section 179 to $500,000 indexed for inflation as it was previously set for 2014 was encouraged. Failure to make this permanent will place additional burdens on farm and ranch businesses who operate with tight profit margins and already face an unpredictable tax code. An expansion of Section 2032A special use valuation beyond its current $1 million limitation would expand the exemption to cover more farm and ranch families who are willing to make a long-term commitment to their businesses. It was recommend that there be no limitation on the amount that property values can be reduced to reflect use valuation for estate tax purposes under Section 2032A.
The 2015 Sheep Heritage Foundation Memorial Scholarship has been augmented by $1,000 this year bringing its value up to $2,500.
The scholarship will be awarded to a graduate-level (MS or Ph.D.) student involved in sheep, lamb or wool research in areas such as animal science, agriculture economics or veterinary medicine. Applicants must complete an application, present two letters of reference and show proof of acceptance into graduate school.
The application can be downloaded from the home page of www.sheepusa.org or can be obtained by contacting ASI at 303- 771-3500 or by emailing Mary@sheepusa.org.
The deadline for applications to be received at the ASI office is June 1 with the final selection being made in July.