Earlier this month, the U.S. Department of Treasury and the Internal Revenue Service announced proposed rules to provide critical guidance on the implementation of the Tax Cuts and Jobs Act. The proposals would affect tax provisions affecting the construction industry, including temporary 100 percent expensing, the 20 percent deduction on qualified business income for pass-through entities and the implementation of the repatriation transition tax under section 965 as it relates to U.S. shareholders with accumulated foreign earnings. ABC welcomes this guidance and will continue to review these proposed rules to determine their benefit to the construction industry.
Recent Posts
- Opinion: Why Gen Z Is Big Part of Future of Construction Industry April 18, 2024
- ABC Applauds Introduction of the Pro-Merit Shop SALT Act April 18, 2024
- Read ABC’s 2023 Year in Review April 5, 2024
- Final OSHA Worker Walkaround Rule Is Bad Policy, Does Not Prioritize Workplace Safety April 5, 2024
- ABC-Opposed Corporate Transparency Act Struck Down for Plaintiffs; Further Legal Action Expected March 28, 2024