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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 Requests Member Feedback on Tax Reform

In anticipation of congressional action on tax reform this fall, ABC sent out a survey Aug. 15 asking members to weigh in on their top priorities in a tax reform bill. Members are encouraged to respond to the quick survey through the ABC Action Center, where your responses will be used to shape ABC's message as it pushes for tax reform on Capitol Hill.

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ABC Asks Treasury for Clarification of “Seasonal” Definitions Under the ACA

ABC joined 42 other national and state organizations in signing onto a letter to Treasury Secretary Steve Mnuchin asking the department to address the confusing and conflicting definitions of “seasonal worker” and “seasonal employee” that are included in the Affordable Care Act (ACA) and its implementing regulations.

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Burdensome Section 2704 Regs in IRS Crosshairs

The Internal Revenue Service last week identified the proposed Section 2704 regulations concerning the valuation of family businesses among eight unduly burdensome or complex rules that would be marked for rescission or modification. According to the notice, “these proposed regulations would create an additional category of restrictions that also would be disregarded in assessing the fair market value of an interest.” The notice also noted concerns from public commenters including the increased financial burden to family businesses and the difficulty in making accurate valuations.

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Burdensome Section 2704 Regs in IRS Crosshairs

The Internal Revenue Service last week identified the proposed Section 2704 regulations concerning the valuation of family businesses among eight unduly burdensome or complex rules that would be marked for rescission or modification. According to the notice, “these proposed regulations would create an additional category of restrictions that also would be disregarded in assessing the fair market value of an interest.” The notice also noted concerns from public commenters including the increased financial burden to family businesses and the difficulty in making accurate valuations.

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ABC-sponsored Study Highlights Impact of 2704 Regs on Family Businesses

In the waning days of the Obama administration, the Treasury Department released proposed regulations under Section 2704 that could have a profound impact on the valuation and therefore taxation of family businesses. The regulations as written would institute back-door “family attribution,” a standard that has been rejected by the courts for decades, and that would jeopardize traditional discounts for minority ownership stakes, inflating tax bases by as much as 40 percent.  As the regulations were not finalized by the time President Obama left office, there is no effective date, but the rule remains pending.

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White House Releases Long-anticipated Tax Proposal

The White House rolled out its tax proposal, which aides have billed as “the biggest individual and business tax cut in American history” on April 26. Treasury Secretary Steve Mnuchin and National Economic Council Chair Gary Cohn laid out President Trump’s principles for reform from behind the podium, and a one-page document was distributed to the press.

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Health Care Alert: “Skinny Repeal” Rejected in Senate

During the early hours of July 28, Senators Susan Collins (R-Maine), John McCain (R-Ariz.) and Lisa Murkowski (Alaska) voted “no” on the Senate Republican’s “skinny repeal” proposal, a scaled-back version of previously supported Senate Republican Affordable Care Act (ACA) repeal bills, which failed by a vote of 49 to 51. If the vote on final passage had been successful, it would likely have triggered a conference committee with the House of Representatives whereby the chambers would have tried to resolve their legislative differences. Senate Majority Leader Mitch McConnell’s (R-Ky.Y) statement on the failed vote can be read here.  

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Senate Vote on Health Care Bill Delayed

On June 22, the U.S. Senate issued the Better Care Reconciliation Act of 2017, a substitute to the House-passed American Health Care Act (AHCA), which would repeal and replace several provisions of the Affordable Care Act. The Senate bill was slated for a vote this week; however, on June 27 Senate Majority Leader Mitch McConnell (R-Ky.) delayed the vote until after the July 4 recess due to a lack of support for passage. 

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CBO Releases Report on House-passed AHCA

On May 24, the Congressional Budget Office (CBO) released a report with estimates on the costs and overall effect of H.R. 1628, the American Health Care Act. This is the third report to come from the CBO since the bill was introduced in March. If the U.S. Senate passes the bill in its current form, the CBO estimates that the bill would reduce the federal deficit by $119 billion between 2017 and 2026 – $32 billion less than the original bill would have reduced. 

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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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