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From the category archives: GA - Tax Relief & Fiscal Policy

ABC Objects to HEROES Act Tax Hike for Small Construction Businesses

As part of the Parity for Main Street Employers coalition, ABC opposed a proposal from Democrats in the U.S. House of Representatives that would raise taxes on small construction businesses through the repeal of the bipartisan-supported net operating loss carryback and loss limitation provisions previously included in the CARES Act.

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State Budget Shortfalls Expected to Affect Public Works Spending

States and localities across the United States are facing an uncertain economic future as the coronavirus pandemic has ground economic activity to a halt across the country and cut off revenue streams that these governments rely on, such as sales and income taxes. Unanticipated state budget expenditures, like emergency funding packages, are also forcing states to reconsider how resources are allocated in their budgets.

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ABC Attends White House Opportunity Zones Conference

On April 17, ABC joined state, local, tribal and community leaders in attending the White House Opportunity Zones Conference. More than 170 people from across the nation attended. Read the rest of entry »

IRS Releases Final Pass-through Deduction Regulations

On Jan. 18, the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance implementing the new qualified business income deduction (also known as the section 199A deduction). The new 20 percent deduction for pass-through entities was created by the ABC-supported Tax Cuts and Jobs Act. Read the rest of entry »

IRS Issues Additional Tax Cuts and Jobs Act Guidance

Over the last month, the U.S. Department of Treasury and Internal Revenue Service have issued several proposed rules that provide guidance and implement changes to the tax code under the Tax Cuts and Jobs Act. Signed into law nearly a year ago, the historic tax reform bill included several key provisions that affect the construction industry, and the recently issued proposals provide critical information for construction employers on how to comply with the law. Read the rest of entry »

DOL Issues Proposal on Small Business Retirement Plans

On Oct. 23, the U.S. Department of Labor issued a proposed rule that would allow small and mid-sized businesses to band together and offer 401(k) plans to their employees through Association Retirement Plans. Read the rest of entry »

IRS Issues Guidance on Small Business Health Care Tax Credit

On April 27, the Internal Revenue Service issued guidance on providing relief for certain small businesses that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. Read the rest of entry »

Health Insurance Tax Suspended in Stopgap Spending Bill

On Jan. 22, President Trump signed a stopgap spending bill (H.R.195) to end the government shutdown and fund government operations through Feb. 8. Included in the bill was a suspension for 2019 of the health insurance tax (HIT) on providers included in the Patient Protection and Affordable Care Act.  Read the rest of entry »

ABC Celebrates Passage of Historic Tax Reform Bill

Associated Builders and Contractors (ABC) President and CEO Michael D. Bellaman released the following statement after Congress passed The Tax Cuts and Jobs Act:

“This is a historic day for the construction industry. For too long, ABC’s 21,000-plus members have paid the highest effective tax rate of any sector of the economy. We are a capital-intensive, cash-flow challenged, domestically oriented industry comprised mostly of small, family owned and closely held merit shop construction companies employing hardworking Americans. Our members have waited for Washington to let them keep more money in their paychecks, which would enable them to invest back in their businesses, create new jobs in their communities and grow the economy. The wait is finally over.
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House Names Conferees to Reconcile Tax Reform Legislation

The U.S. Senate passed sweeping tax reform legislation on Dec. 2, overcoming a number of setbacks over the course of a long week.  The effort to win over holdouts and cobble together the necessary votes led to a number of late-breaking changes to the bill, culminating in what was essentially a party line vote, with Senator Bob Corker (R-Tenn.) as the only dissenting Republican.  Read the rest of entry »
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