Ingersoll-Rand (IR) announced in an SEC filing on April 1 that because of the new healthcare law, the tax benefits available to Ingersoll-Rand will be reduced to the extent its prescription drug expenses are reimbursed under the Medicare Part D retiree drug subsidy program.
Although the provisions of the healthcare reform legislation as it pertains to the retiree drug subsidy program do not take effect until 2013, the company -- as with the others that follow -- is required to recognize the full accounting impact in its financial statements in the reporting period in which the healthcare reform legislation is enacted. This led Ingersoll to announce a non-cash charge to income tax expense in the first quarter of 2010 of about $41 million, or roughly 12 cents a share.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV