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The overwhelming majority of construction businesses are organized as pass-through entities, meaning that their income is taxed at the individual level. These job-creating small and medium-sized businesses would bear the brunt of higher marginal tax rates, wealth surcharges, and corporate-only attempts to reform or alter the code.

Prevailing Wage’s Impact on Affordable Housing

The New York Independent Budget Office (IBO) has released a revised report on the impact prevailing wage requirements would have on affordable housing projects built with the 421a property tax break. The 421a tax credit had been the subject of extensive negotiations in the past months. In Jan. 2016, the parties involved announced they could not reach a compromise, killing the tax credit and jeopardizing Mayor de Blasio’s plans for 80,000 affordable housing units for New York City residents. 

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ABC Joins Business Groups in Hill Ad Calling for Tax Reform

ABC joined dozens of business organizations nationwide to call on Congress to support meaningful tax reform in a full-page advertisement in the Oct. 11 edition of The Hill. The ad, an open letter to Congress, cited a recent national poll of small business owners showing that a majority would use tax cut savings to create jobs, raise wages and move into new product fields. The letter was signed by ABC President and CEO Mike Bellaman along with the CEOs of the Florida East Coast, Florida First Coast and Rocky Mountain chapters.

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Treasury Announces Plans to Withdraw Proposed 2704 Regulations

On Oct. 4, the U.S. Treasury Department released a report announcing plans to withdraw its proposed regulations under Section 2704 of the Internal Revenue Code, entitled Estate, Gift and Generation-skipping Transfer Taxes: Restrictions on Liquidation of an Interest. The proposed rule was issued Aug. 4, 2016, during the Obama administration. 

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Tax Reform Will Help ABC Members, Bellaman Tells Fox Business

ABC President and CEO Mike Bellaman hit the airwaves last week one day after congressional and administration leaders released a highly anticipated tax reform framework. “Our 21,000 members are applauding,” ABC CEO Mike Bellaman said in a live interview with Fox Business’s early-morning FBN:am show on Thursday, Sept. 28. “This helps our big companies, our small companies as well as our workers.”

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Treasury Announces Plans to Withdraw Proposed 2704 Regulations

On Oct. 4, the U.S. Treasury Department released a report announcing plans to withdraw its proposed regulations under Section 2704 of the Internal Revenue Code, entitled Estate, Gift and Generation-skipping Transfer Taxes: Restrictions on Liquidation of an Interest. The proposed rule was issued Aug. 4, 2016, during the Obama administration. 

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Burdensome Section 2704 Regs in IRS Crosshairs

The Internal Revenue Service last week identified the proposed Section 2704 regulations concerning the valuation of family businesses among eight unduly burdensome or complex rules that would be marked for rescission or modification. According to the notice, “these proposed regulations would create an additional category of restrictions that also would be disregarded in assessing the fair market value of an interest.” The notice also noted concerns from public commenters including the increased financial burden to family businesses and the difficulty in making accurate valuations.

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ABC-sponsored Study Highlights Impact of 2704 Regs on Family Businesses

In the waning days of the Obama administration, the Treasury Department released proposed regulations under Section 2704 that could have a profound impact on the valuation and therefore taxation of family businesses. The regulations as written would institute back-door “family attribution,” a standard that has been rejected by the courts for decades, and that would jeopardize traditional discounts for minority ownership stakes, inflating tax bases by as much as 40 percent.  As the regulations were not finalized by the time President Obama left office, there is no effective date, but the rule remains pending.

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Health Care Alert: “Skinny Repeal” Rejected in Senate

During the early hours of July 28, Senators Susan Collins (R-Maine), John McCain (R-Ariz.) and Lisa Murkowski (Alaska) voted “no” on the Senate Republican’s “skinny repeal” proposal, a scaled-back version of previously supported Senate Republican Affordable Care Act (ACA) repeal bills, which failed by a vote of 49 to 51. If the vote on final passage had been successful, it would likely have triggered a conference committee with the House of Representatives whereby the chambers would have tried to resolve their legislative differences. Senate Majority Leader Mitch McConnell’s (R-Ky.Y) statement on the failed vote can be read here.  

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Senate Vote on Health Care Bill Delayed

On June 22, the U.S. Senate issued the Better Care Reconciliation Act of 2017, a substitute to the House-passed American Health Care Act (AHCA), which would repeal and replace several provisions of the Affordable Care Act. The Senate bill was slated for a vote this week; however, on June 27 Senate Majority Leader Mitch McConnell (R-Ky.) delayed the vote until after the July 4 recess due to a lack of support for passage. 

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CBO Releases Report on House-passed AHCA

On May 24, the Congressional Budget Office (CBO) released a report with estimates on the costs and overall effect of H.R. 1628, the American Health Care Act. This is the third report to come from the CBO since the bill was introduced in March. If the U.S. Senate passes the bill in its current form, the CBO estimates that the bill would reduce the federal deficit by $119 billion between 2017 and 2026 – $32 billion less than the original bill would have reduced. 

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ABC Comments on EEOC’s Proposed Revisions to the EEO-1 Report

On April 1, ABC submitted comments in response to the U.S. Equal Employment Opportunity Commission’s (EEOC) proposed revisions to the Employer Information Report (EEO-1), which would require employers with 100 or more employees to provide data on W-2 pay and hours worked, beginning in 2017. ABC urged the EEOC to withdraw the proposal because it imposes an unjustified burden on employers, fails to generate useful and reliable information to combat pay discrimination, and fails to protect the confidentiality of the information. 

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