Tingley Rubber Announces $1,000 ‘Tax Reform’ Bonus for Employees03-26-2018
New Jersey based Tingley Rubber Corporation will be issuing all U.S. based employees one-time bonuses of $1,000 because of the recent tax reform passed by Congress.
Tingley’s ownership announced Thursday its plans to share some of the tax benefit directly with their employees to express the company's gratitude. The 122-year-old, fifth generation family owned business joins many businesses across the country in giving employee bonuses after Congress passed a sweeping tax cut for businesses and individuals.
President Donald Trump signed a bill on December 22nd overhauling the nation's tax code. One of the biggest changes included in the bill cuts the corporate tax rate from 35 percent to 21 percent for qualifying corporations. The bill also restructures and lowers the seven personal income tax brackets.
Based in Piscataway, NJ the privately held Tingley Rubber Corporation announced the bonuses during an employee luncheon held on March 22nd. The $1,000 bonuses will also be eligible for the company’s 401(k) plan deferral with the standard corporate match.
"The economic development that should come as a direct result of the new tax reform legislation and deregulations will positively affect Tingley’s ability to grow its business. The tax reform package will allow Tingley to invest more into our strategic initiatives, and better serve our customers, as well as our employees and shareholders," said Owner and Chairman of the Board, Bruce McCollum. Bruce’s son and owner JB McCollum said "We are excited for the opportunity to reward our dedicated and hard-working employees with this special bonus as a token of our gratitude."
President & COO, Mike Zedalis, expressed his gratitude to the McCollum family and sees the new tax plan as a major boost to Tingley: “Our company continues to grow, and enhanced investment into our operations will always bring benefits to our customers, employees and shareholders.”
Tingley Rubber Corporation is a leading supplier of protective footwear and clothing and has been protecting generations of workers since 1896. www.tingleyrubber.com