The bill, which was passed Dec. 17 by the U.S. Senate after weeks of wrangling by Congress and the White House, temporarily extends tax rates that have been in effect for most of this decade.

The tax relief plan heading to President Barack Obama for his signature has the support of the Associated Builders and Contractors.

“Many provisions in this bill, including those to extend lower tax rates to all Americans and establish a path for full repeal of the estate tax, are a good first step to help construction contractors recover from the recession and plan for the future,” said Geoff Burr, the ABC’s vice president of federal affairs.

The bill, which was passed Dec. 17 by the U.S. Senate after weeks of wrangling by Congress and the White House, temporarily extends tax breaks that have been in effect for most of this decade, as well as offering some new incentives and reductions that officials hope will stimulate the U.S. economy.

“ABC supports the investment incentives in the bill, specifically the extension of bonus depreciation and extension of Section 179 expensing,” Burr said. “These provisions will spur investment in equipment and encourage investment in a business.

“Family-owned small businesses are the backbone of the economy and give Americans a sense of pride and accomplishment in our country,” he added. “In the construction industry, they provide valuable jobs and play an integral role in building communities. ABC believes that these family businesses are worth saving now and for future generations.”