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: On Oct. 29, the IRS issued a proposed rule that provides guidance relating to gains that may be deferred as a result of a taxpayer's investment in a qualified opportunity fund. The new Opportunity Zone tax incentive , created by the TCJA, is designed to spur investment in distressed communities throughout the country through tax benefits. On Nov. 23, the IRS proposed regulations to implement recent legislative changes to the basic exclusion amount used in computing Federal gift and estate taxes. The proposal will affect donors of gifts made after 2017 and the estates of decedents dying after 2017. On Nov. 26, the IRS issued a proposed rule to implement a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Under the recently issued proposal, certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision. ABC welcomes and will continue to review these proposals to determine their benefit to the construction industry.