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On Nov. 17, the ABC National Tax Advisory Group (TAG) gathered in Washington, D.C., to advocate for the tax priorities of merit shop contractors and the broader construction industry. TAG members from the Eastern Pennsylvania, Florida East Coast, Central Florida, and Georgia chapters were in attendance as the group met with senior staff representing Senate Majority Leader Mitch McConnell (R-Ky.), the Senate Finance Committee, and key members of the House Committee on Ways and Means.

TAG used this time with key legislative aides to push for prompt and permanent action on expiring tax “extenders,” particularly provisions related to increased expensing of capital equipment under Section 179 and “bonus depreciation.” They also pushed for reintroduction of The American Job Builders Tax Reform Act, which would allow small contractors to use their preferred accounting method and relieve them of onerous “look-back” compliance burdens stemming from the defense procurement scandals of the 1980s.

ABC’s Tax Advisory Group is comprised of contractors, construction financial officers and accounting professionals who advise National staff and the Legislative Committee on federal tax and fiscal policy. To keep up with the latest tax news as it relates to the construction industry, like TAG on facebook and follow them on twitter (@ABCTax).