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  • Hurco Customer Hosts Florida Governor's Tax Reform Event

      Cocoa, FL –The Governor of Florida, Rick Scott, held a press event to highlight his proposal to eliminate taxes on new manufacturing equipment at Coast...Read more  >>Tags:

     

    Cocoa, FL –The Governor of Florida, Rick Scott, held a press event to highlight his proposal to eliminate taxes on new manufacturing equipment at Coastal Steel. Governor Scott also awarded the founder of Coastal Steel the “Governor’s Business Ambassador Award”. Representatives from Hurco attended the event at Coastal Steel’s 40,000 square-foot facility in Cocoa, Florida, where the company owns multiple Hurco machine tools, to talk about the newest equipment to be delivered to Coastal Steel and how their spirit of innovation has led to continued success.

     

     
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    “Coastal Steel will be the first customer in the world to own a Hurco 5-axis 3-meter DCX32 machining center. The 5-axis DCX32 is being specially configured at Hurco’s Indianapolis facility,” said Phil Fassnacht, Director of Marketing for Hurco Companies, Inc.
     
    “We are honored that a company like Coastal Steel continues to invest in Hurco technology. Their iconic work, which includes world famous structures, such as stands as the Animal Kingdom Expedition Everest, Magic Kingdom Mission Space and the 90-foot tall Mickey's Sorcerer's Hat at Disney MGM Studios, is a testament to their commitment to quality and innovation. With customers, such as Lockheed Martin and NASA, Coastal Steel is well-known for the quality parts they manufacture for Florida’s space coast,” continued Fassnacht.
     
    Of Coastal Steel, Governor Scott said, “I am thoroughly impressed with the facility and with the work done here at Coastal Steel. By investing in their employees and taking risks in developing industries, Coastal Steel has brought innovative work to Florida and created 100 jobs for Florida families.”
     
    The President of Coastal Steel, Dale Coxwell said, “We were honored to have Governor Scott visit our facility today. His commitment to growing manufacturing in Florida is a commitment to helping businesses, like ours, continue to grow and succeed in a global economy.”
     
    Coastal Steel, a nationally recognized steel erection and fabrication company was established in 1976 by founder Phillip Coxwell, father of Coastal Steel’s current President, Dale Coxwell. The Governor said he awarded the  Business Ambassador Award to Phillip Coxwell for his ability to recognize the passion and individualism of his family members that allowed Coastal Steel to grow into a successful multi-faceted, third generation family business in Florida.
     
     
    Hurco Companies, Inc.
    info@hurco.com
    One Technology Way
    P.O. Box 68180
    Indianapolis, IN  46268-0180
    800.634.2416
     
    Coastal Steel
    info@coastalsteel.com

    870 Cidco Road
    Cocoa, FL 32923
    321.632.8228

     
    Executive Office of Governor Rick Scott
    400 S Monroe St
    Tallahassee, FL 32399
    Press Office: (850) 717-9282
    www.flgov.com
     
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    Published: 2/1/2013 |  4:01 PM
  • AMT Summarizes New Tax Incentives

      President Obama signed “The American Tax Relief Act of 2012” into law. The new law includes an extension of the 50% bonus depreciation through 2013 and...Read more  >>Tags:

     

    President Obama signed “The American Tax Relief Act of 2012” into law. The new law includes an extension of the 50% bonus depreciation through 2013 and increases Sec. 179 expensing limits for 2012 and 2013. This is a major victory for manufacturers, according to AMT (The Association for Manufacturing Technology).

     

    50% Bonus Depreciation Extended

    For the 2012 and 2013 tax years, 50% bonus depreciation on new equipment purchases is allowed. Unlike Section 179, there is NO CAP on the amount of the equipment that can be depreciated under this bonus depreciation provision.

     

    Section 179 "Small Business" Expensing Increased

    The Section 179 expensing allowance is boosted to $500,000 for new and used equipment purchases ordered and placed in service in the 2012 and 2013 tax years. Moreover, the cap on how much equipment can be purchased to fully enjoy the write-off increases to $2 million (after which the amount that can be deducted phases out dollar for dollar.

     

    AMT prepared an example of how these tax incentives can benefit companies.

     

    SOURCE: The Association for Manufacturing Technology (AMT)  www.amtonline.org

    Published: 1/8/2013 |  11:41 AM