It is that time of the year where discussions are often focused on seeking ways to save money on taxes.
The U.S. currently has the distinction of being the country with the highest corporate income tax rate in the industrialized world. While tax reform and reduction in the corporate tax rate has been a topic of recent discussions, there are currently no proposals in the political system to achieve this. While the food industry is not the direct beneficiary of many tax minimizing provisions, there are important tax incentives that apply to the food industry. These incentives are sometimes overlooked as their application may not be obvious at first glance. However these incentives may yield significant tax savings to the companies and/or their shareholders.
I have asked Farshad Yashar, a tax partner with GHJ to present several areas of potential tax savings that we have found to be applicable to the food industry.
View the PDF to read about tax credits available to the food industry, including research and development tax incentives, domestic production activities deduction and charitable contribution of food inventory.