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.”