This week, ABC joined more than 500 industry groups in sending letters to the
U.S. Senate and
U.S. House of Representatives urging action during the lame duck session of Congress on the extension of important tax provisions that have already expired or will expire by the end of the year.
Among the expiring tax provisions are small business expensing levels under section 179 and “bonus depreciation,” both of which make investing in big-ticket items easier by allowing businesses to write off large portions of these investments on their taxes.
In the letter, ABC and the coalition of industry groups warn, “Failure to extend these provisions is a tax increase. It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace. Acting promptly on this matter in Lame Duck will provide important predictability necessary for economic growth.”
ABC
continues to support comprehensive
tax reform that will provide fair taxation regardless of business, size, sector or structure and will continue to engage with members of Congress throughout the Lame Duck session of Congress on the importance of the tax extenders to the construction industry.