MT Magazine March/April 2022

TECHNOLOGY ISSUE

MANUFACTURING MATTERS

10

INTERNATIONAL

Global Trade Regs – Are You Up to Speed?

Do you import or export? Are you up to speed on regulations and conformity requirements? Apparently, not everyone is. Recently a shipment of manufacturing technology heading into the United States was turned around due to a single piece of wood bracing not having the required ISPM-15 marking – a 15-year-old global regulation! To add insult to injury, the U.S. importer was hit with a six-figure fine. Ouch! There is a lot going on in regulations. The UK, now exited from the EU, recently implemented the UK Conformity Assessed (UKCA) requirement to replace using the EU’s Conformité Européen (CE) standard. Speaking of CE, some directives are under review for changes affecting manufacturing technology. Globally,

the Harmonized System introduced a classification for additive manufacturing (AM) products. AM also has a new ISO standard. Be sure your broker is updated on changing international trade regulations. AMT is always available for updates and advice.

ADVOCACY

Your Customers Should Act Now To Take Full Advantage of Bonus Depreciation In 2017, bonus depreciation for purchases of qualified property, including manufacturing technology, was temporarily increased from 50% to 100% as part of the Tax Cuts and Jobs Act. However, this valuable incentive to make businesses more competitive begins phasing out in 2023. Manufacturers should let their customers know that in order to take advantage of the full deduction, they must act now to make their purchases and place them in service by the end of the year. For readers unfamiliar with bonus depreciation, the provision permits companies to expense a percentage of their manufacturing technology purchases in the year they were purchased and placed in service, rather than depreciating them over time. It is intended as an incentive to help businesses, especially small ones, become more efficient and productive by allowing them to recover the costs of newly-purchased assets more quickly. Making 100% expensing permanent or, at minimum, extending it beyond this year, is a top priority for AMT.

June 7-9, 2022 David L. Lawrence Convention Center Pittsburgh, PA

Connect with hundreds of attendees and experts and get inspired and educated about emerging technologies that upskill the workforce, improve quality and advance your manufacturing operations. The Smart Manufacturing Revolution is Happening Now — Will You Be Left Behind?

smartmanufacturingexperience.com 888.457.0763 Attend | Exhibit | Sponsor

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2/28/22 12:45 PM