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The overwhelming majority of construction businesses are organized as pass-through entities, meaning that their income is taxed at the individual level. These job-creating small and medium-sized businesses would bear the brunt of higher marginal tax rates, wealth surcharges, and corporate-only attempts to reform or alter the code.

Prevailing Wage’s Impact on Affordable Housing

The New York Independent Budget Office (IBO) has released a revised report on the impact prevailing wage requirements would have on affordable housing projects built with the 421a property tax break. The 421a tax credit had been the subject of extensive negotiations in the past months. In Jan. 2016, the parties involved announced they could not reach a compromise, killing the tax credit and jeopardizing Mayor de Blasio’s plans for 80,000 affordable housing units for New York City residents. 

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ABC Calls for Section 199A Permanence for Small Businesses

On June 22, ABC joined more than 100 trade associations to support the Main Street Tax Certainty Act (H.R. 1381/S. 480) and to oppose potential legislation from Sen. Ron Wyden (D-Ore.) that would weaken the Section 199A pass-through deduction. The Main Street Tax Certainty Act would make permanent the current 20% deduction for small and family-owned businesses, provided through Section 199A of the Tax Cuts and Jobs Act of 2017.

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Biden Infrastructure Plan Rife With ABC-opposed Labor Policies

On March 31, the Biden administration released a more than $2 trillion infrastructure outline titled the “American Jobs Plan.” While the plan calls for federal spending over the next eight years to improve the nation’s infrastructure, including for transportation, broadband, energy, and drinking water, it also includes funding for schools and child-care facilities, affordable housing, workforce development and manufacturing.

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President Trump’s Deferral of Payroll Tax Goes Into Effect; Guidance Issued

On Tuesday, Sept. 1, President Trump’s memorandum deferring payroll tax obligations went into effect. This memorandum allows for the deferral of the employee portion of federal payroll taxes — 6.2% for social security and 1.45% for Medicare — from Sept. 1, 2020, until Dec. 31, 2020, for workers earning less than $4,000 on a biweekly basis or $104,000 annually.

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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.

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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. 

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ABC Urges Congress to Include 501(c)(6) Organizations in Next Phase of COVID-19 Relief

The recently passed CARES Act, a $2.2 trillion COVID-19 relief bill, provided aid for small businesses and affected industries across the country. However, the bill does not include assistance for 501(c)(6) organizations such as trade associations that are, in some cases, experiencing the same operational challenges that large and small businesses are facing due to the coronavirus pandemic.

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Coronavirus Aid, Relief and Economic Security Act (CARES) Signed into Law

Following the passage of the Coronavirus Aid, Relief and Economic Security Act (CARES) and President Trump signing it into law, ABC has gathered some additional information on the bill’s small business and tax provisions.

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Webcast: Compliance Assistance on Health Reimbursement Arrangements Final Rule

On Sept. 12, the U.S. Department of Labor and the Internal Revenue Service will hold a webcast providing employers with compliance assistance on the joint final rule on health reimbursement arrangements.  

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ABC Comments on EEOC’s Proposed Revisions to the EEO-1 Report

On April 1, ABC submitted comments in response to the U.S. Equal Employment Opportunity Commission’s (EEOC) proposed revisions to the Employer Information Report (EEO-1), which would require employers with 100 or more employees to provide data on W-2 pay and hours worked, beginning in 2017. ABC urged the EEOC to withdraw the proposal because it imposes an unjustified burden on employers, fails to generate useful and reliable information to combat pay discrimination, and fails to protect the confidentiality of the information. 

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