Latest news with #domesticproduction
Yahoo
18-07-2025
- Business
- Yahoo
9 Tax Credits That'll Get Bigger — or Smaller — With Trump's ‘Big Beautiful Bill'
President Trump's 'Big Beautiful Bill' reshapes more than just tax brackets. Several tax credits, some widely used, others industry-specific, are changing in ways that could either boost your refund or shrink your benefits. Read Next: Check Out: Here's a breakdown of which credits could grow, which ones might phase out and what to watch for in tax year 2025. Credits That Could Increase Several tax credits are getting a boost under the bill, especially those aimed at working families, low-income earners and domestic industries. Here are the ones most likely to increase. Be Aware: Domestic Production The Big Beautiful Bill expands credits for domestic production, particularly those in semiconductor manufacturing and advanced industries. According to CNBC, tax credits for semiconductor firms would increase from 25% to 35% — more than the 30% increase in the bill's draft. 'Companies in these fields should review capital plans and evaluate where existing or upcoming projects align with new eligibility,' Laurence Sotsky, CEO of Incentify, wrote in an email. 'The potential savings could directly affect ROI on high-impact investments.' FICA Tips The bill expanded the FICA tips credit to include the beauty industry, which is now effective for tax years beginning after Dec. 31, 2024, PwC reported. 'Previously available only to food and beverage businesses, this credit now allows beauty salons, spas and personal care service employers to claim a dollar-for-dollar refund on the 7.65% FICA taxes they pay on employee tips, effective beginning January 1, 2025,' Sotsky explained. Child Tax Credit The higher-value Child Tax Credit (CTC), which was due to expire at the end of 2025, was permanently enhanced in the bill, according to H&R Block. 'The nonrefundable Child Tax Credit increased from $2,000 to $2,200 starting this year and will be indexed for inflation going forward,' wrote Dina Leader Powers, CPA, CFP, wealth manager at Fairway Wealth Management in Independence, Ohio, in an email. The higher phase-out thresholds — $200,000 or $400,000 for joint filers — are now permanent and apply to both the Child Tax Credit and the $500 credit for other dependents, she added. Child and Dependent Tax Credit Starting in 2025, the maximum child and dependent care credit rate increases to 50%, reduced by 1 percentage point for every $2,000 of income over $15,000, but not below 35%, Leader Powers explained. Credits That Could Shrink or Phase Out Changes to clean energy incentives could reduce or eliminate benefits for some taxpayers. According to Leader Powers, new and used clean energy tax credits are set to expire soon. The $7,500 Clean Vehicle Credit and $4,000 Used Clean Vehicle Credit will end after Sept. 30, 2025. The Alternative Fuel Vehicle Refueling Property Credit expires for purchases made after June 30, 2026. Home energy credits, including the Energy Efficient Home Improvement Credit and Residential Clean Energy Credit, will sunset after Dec. 31, 2025. These terminations can be found under Subchapter A, 'Termination of Green New Deal Subsidies' in the bill. 'For businesses that have built sustainability initiatives around those incentives, it's time to revisit assumptions and update forecasts,' Sotsky said. What Does This Mean for Taxpayers? According to Leader Powers, whenever eligibility for credits and deductions is updated, it's important for taxpayers to evaluate how the changes apply to their personal situation. For instance, several clean energy tax credits will expire by the end of the year. 'If you are considering an energy-efficient home improvement or replacement purchase, hurry up! You have until the end of the year to make that purchase or complete the improvement and take advantage of the expiring home clean energy credits,' she explained. 'Examples of qualifying property may include exterior doors and windows, skylights, heat pumps, central air conditioners, water heaters, biomass stoves or boilers.' And you have only until the end of September to purchase a qualified new or used electric vehicle and still claim the available tax credits. You can qualify for a credit of up to $7,500, subject to limitations. There's also an additional credit for charging components of up to $1,000 per item, which expires on June 30, 2026. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 9 Tax Credits That'll Get Bigger — or Smaller — With Trump's 'Big Beautiful Bill' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
16-07-2025
- Business
- Reuters
Zelenskiy says he wants half Ukraine's weapons to be produced domestically
July 16 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Wednesday that he was counting on his new incoming government to take measures to boost the proportion of weapons made at home to 50% within six months. Zelenskiy has carried out a political reshuffle this week, nominating as his new prime minister Yulia Svyrydenko, the driving force behind a minerals deal with the United States. Outgoing prime minister Denys Shmyhal has been put forward as the new defence minister. The nominations, which require parliamentary approval, came as diplomatic efforts to end the war with Russia, now in its fourth year, have stalled and as Ukraine seeks to revive its cash-strapped economy and build up a domestic arms industry. Zelenskiy said he, Shmyhal and outgoing defence minister Rustem Umerov had decided at a meeting on Wednesday that the defence ministry would have "greater influence in the domain of arms production". "Ukrainian-made weapons now make up about 40% of those used at the front and in our operations," Zelenskiy said in his nightly video address. "This is already significantly more than at any time in our country's independence. The production volumes are truly large, but we need more. "Our goal is to reach 50% Ukrainian-made weaponry within the first six months of the new government, by expanding our domestic production. I am confident this is achievable, though not easy." Zelenskiy has long stressed the importance of boosting domestic production of weapons and developing joint production of weaponry with Ukraine's Western partners. It has focused on drone production and on providing air defences to withstand intensifying Russian drone and missile attacks on Ukrainian cities. Zelenskiy has in recent weeks stressed the importance of developing drone interceptors as a rational way of tackling swarms of drones. Kyiv's military authorities last week announced the allocation of $6.2 million for a drone interceptor program to defend the capital's skies from Russian drones.
Yahoo
03-07-2025
- Business
- Yahoo
Oklo (OKLO) Partners for HALEU Production with AVLIS Technology
Oklo Inc. (NYSE:OKLO) is one of the top 10 nuclear energy stocks to invest in for the next decade. On June 25, the company announced strategic collaborations aimed at accelerating the domestic production of High-Assay Low-Enriched Uranium (HALEU). Photo by Frédéric Paulussen on Unsplash The company partnered with Hexium, a company specializing in isotope enrichment, and TerraPower, a nuclear innovation company, to evaluate Atomic Vapor Laser Isotope Separation (AVLIS) technology for commercial-scale uranium enrichment. The collaboration includes Lawrence Livermore National Laboratory (LLNL), which is working with the three companies to assess the potential of AVLIS as a scalable uranium enrichment technology. According to Oklo, this initiative aims to develop 'a validated conceptual design and technoeconomic assessment of AVLIS-based HALEU production.' Oklo's stock has gained over 500% this year, which, according to the CEO, is driven by three key factors: an advanced nuclear focus, AI and data center demand, and a cost and deployment edge. Jacob DeWitte, the CEO, emphasized Oklo's role as an energy infrastructure disruptor, likening their microreactor tech to a 'data center revolution' in energy. Oklo Inc. (NYSE:OKLO) is a nuclear energy company. It develops advanced fission power plants—specifically compact, modular reactors designed to deliver clean, reliable, and affordable electricity. Its flagship product is the Aurora Powerhouse, which uses recycled nuclear waste as fuel. While we acknowledge the potential of OKLO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Healthcare Penny Stocks to Buy According to Analysts and Goldman Sachs Energy Stocks: 10 Stocks to Buy. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
16-06-2025
- Business
- Wall Street Journal
Trump Sons to Launch Trump Mobile and ‘US Made' Phone
The Trump Organization said it will launch a mobile-phone service called Trump Mobile and also plans to offer a U.S.-built smartphone later this summer, looking to take on the likes of Apple and Samsung. The plan is an ambitious one. No major smartphone manufacturer currently makes its products in the U.S. Trump has targeted phone makers in his tariff push, threatening extra levies on Apple if it didn't shift to domestic production.
Fox News
12-06-2025
- Business
- Fox News
Common Ground Classic: Bringing Manufacturing Back to America
As President Trump calls on American companies to ramp up domestic production and reduce reliance on countries like China, many lawmakers are welcoming the push — seeing it as an alignment with priorities they've been working on for years. Today, Bret revisits his conversation with Senator Mark Kelly (D-AZ) and Congressman Mike Waltz (R-FL), who have been leading the charge to bring shipbuilding back to America. They discuss how public-private partnerships and strategic incentives can jumpstart the industry, the critical role naval power plays on the global stage, and why investing in shipbuilding is not just an economic boost — but a matter of national security. Follow Bret on X: @BretBaier
