SPEC Process Engineering & Construction would like to announce the launch of our new blog. Contributors will include all of SPEC's engineers from disciplines including process, mechanical, chemical, electrical, and controls. Topics will include useful tips as well as solutions and lessons learned from specific projects. We hope that our wide range of experiences will provide a helpful resource to our readers and we look forward to your comments and questions.
SPEC Process Engineering & Construction
In July of last year, the Rhode Island legislature enacted a change to the Rhode Island tax code regarding the state’s version of the federal Section 179 deduction. We’d hoped this change would increase the limit of the deduction, from $25,000 to the federal limit, at the time of $500,000.[i] However, the federal tax code reverted to its original Section 179 deduction limit of $25,000 at the beginning of 2014; essentially making the change to the Rhode Island tax code moot.[ii]
In August we outlined a number of utilities rebates available for improving industrial energy efficiency in Massachusetts, presented through Mass Save. By installing or retrofitting industrial process equipment to be more energy efficient, companies can obtain utilities rebates from companies such as NSTAR in Massachusetts. Here are two companies in New England: New York and Maine who are taking advantage of energy efficiency incentives to improve industrial energy usage:
Manufacturing companies specializing in emerging technologies should consider moving their facilities to Massachusetts due to the resources and state incentives for expansion and equipment improvements.. Here are some examples of how specific Massachusetts-based manufacturing companies have used the various forms of financing to upgrade their facilities. Many large manufacturing companies have expanded their operations or improved their equipment in Massachusetts working with engineering firms such as SPEC, and several of our clients received state funding for both the expansion of their manufacturing facilities and the purchase of new industrial equipment:
Growing green technology, chemical process, and other manufacturing companies may want to consider moving their facilities to Massachusetts thanks to state incentives meant to encourage growth in this sector. Additionally, companies already located here can benefit from state incentives for capital and equipment improvements. Manufacturing facilities can receive tax credits, bonds, loans and guarantees and specialty financing from MassDevelopment, the state's finance and development authority. Investments in industrial equipment improvements and capital expansion projects are subsidized through several key programs: