Did President Obama's Fiscal Year 2015 Budget Proposal modify the application of the UNICAP rules for select taxpayers?
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Peter Scalise, SAX LLP
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540 weeks ago
President Obama unveiled his $ 3.9 trillion Fiscal Year 2015 Budget Proposal on March 4th that would exempt employers with average annual gross receipts of $ 10 million or less from the uniform capitalization ("UNICAP") rules for costs incurred to produce real or personal property for use by the taxpayer in its trade or business for tax years beginning after December 31, 2014.
As a caveat, this is merely a proposal and we are in the initial stages of the legislative process.