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.
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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.
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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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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.
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On Nov. 28, The Senate Budget Committee voted to advance S.1, the Tax Cuts and Jobs Act on a party line vote of 11-10. Senators Ron Johnson (R-Wis.) and Bob Corker (R-Tenn.) voted to send the bill to the Senate floor after originally withholding their support.
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On Nov. 29, President Trump delivered a strong defense of reducing the tax burden on businesses of all sizes in his “Bring Back Main Street” Speech in St. Charles, Mo. He urged Congress to push tax reform across the finish line as the U.S. Senate is expected to vote on their version of the Tax Cuts and Jobs Act this week.
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On Nov. 13, the U.S. Senate began the first day of an expected four-day process to amend and approve their version of tax reform legislation. The U.S. House of Representatives is expected to vote on their version of the bill on Thursday, Nov. 15. If both chambers pass their respective bills, conferees will be designated to negotiate an agreement between the House and Senate versions, which currently include a number of significant differences.
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ABC President and CEO Mike Bellaman joined President Donald Trump and other business leaders at the White House Tuesday to discuss their support for tax reform legislation. At the meeting, President Trump outlined the necessity for tax reform, and thanked the organizations present for supporting the unified tax framework.
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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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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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