Made In America: Manufacturing Parts Sales Tax Exemption Heads To Committee

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MANUFACTURING PARTS SALES TAX EXEMPTION HEADS TO COMMITTEE
Testimony is expected next Wednesday on SB 332, sponsored by Sen. Jake Files and Rep. Joe Jett, the respective chairs of the legislature’s Revenue and Tax committees.

The bill seeks a further and complete reduction in the sales taxes paid by manufacturers on their repair and replacement parts, according to the Arkansas State Chamber of Commerce which supports the measure. It would eliminate all but the constitutional sales taxes from 4.875% to 2.5% on July 1, 2015 and to zero on July 1, 2016.

SB 332 would also eliminate the requirement that those seeking to take advantage of this tax exemption must have a Direct Pay Sales and Use Tax Permit from the Arkansas Department of Finance and Administration.

WAL-MART EXEC SAYS RETAILER STILL COMMITTED TO U.S MANUFACTURING PUSH
There have been many executive changes at Wal-Mart Stores in recent months, including a new management team at the retailer’s mammoth U.S. division. And while some say all has seemed quiet on the retailer’s push to return manufacturing jobs to the U.S. since the departure of former Walmart U.S. CEO Bill Simon, Wal-Mart disagrees.

“Our new CEO Greg Foran is equally committed to the U.S. Manufacturing initiative because it is a good business decision,” said Cindi Marsiglio, vice president of U.S Manufacturing at Wal-Mart. She and others outline significant manufacturing moves in the U.S. during the last quarter as a result of the retail giant’s initiative. Read the full story here.

JUDGE DISMISSES NUCOR LAWSUIT AGAINST BIG RIVER STEEL
A federal judge on Wednesday threw out a lawsuit by a Mississippi County steel company that a competitor was violating federal environmental law. Chief Judge Leon Holmes dismissed the suit without prejudice filed by Nucor Steel Arkansas and Nucor-Yamato Steel against Big River Steel.

The Nucor companies filed suit in U.S. District Court in Jonesboro in 2014, saying Big River Steel was violating the federal Clean Air Act. Nucor Steel, which operates three steel mills in Mississippi County, filed the suit to stop the state’s first superproject, the $1.3 billion Big River Steel Mill, from locating in a nearby area in the county.

DELTIC TIMBER’S Q4 PROFITS CLIMB MORE THAN 50%
Deltic Timber Corp. ended the year on a strong note as fourth quarter profits were improved from a year ago due to declining corporate expenses and robust residential lot sales at the company’s Chenal Valley development in west Little Rock.

For the period ended Dec. 31, 2014, the El Dorado-based timber harvester and real estate firm reported net income of $3.5 million, or 28 cents per share, up 52% percent compared to net income of $2.3 million, or 18 cents a year ago. Year-end results were essentially flat as net income was $19.7 million versus $20.3 million at the end 2013.