Addresses Bipartisan Infrastructure Bill Provision
Tax
September 29, 2021
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September 9, 2021
On September 9, the House Committee on Ways and Means, which has jurisdiction over tax policy, began consideration of its share of President Biden’s American Families Plan. The final price tag of the overall legislation is still being negotiated by the House and Senate, as moderate Democrats, such as Senator Joe Manchin of West Virginia, are seeking to scale back the size and scope of the legislation. This will have significant bearing on how large the overall package of tax increases will be that the Ways and Means Committee will consider.
July 22, 2021
On June 22, AGC along with over 100 other trade associations voiced their strong opposition to any attempts to roll back the 20 percent deduction for pass through businesses—S-corps, partnerships, limited liability companies—enacted in the Trump tax cuts under Section 199A of the federal tax code.
May 27, 2021
Expands Renewable Energy & EV Tax Credits; Attaches Labor Requirements
April 29, 2021
$15 on Federal Contracts Beginning in 2022
April 29, 2021
Would Increase Taxes on Individuals, on Capital Gains & at Death
April 5, 2021
We are proud to report that we have had a strong year in 2020 as the contents of our Annual Report - The Power of Engagement - make clear. The digital report catalogues the many accomplishments of AGC of America. In our catalogue of some of the association’s most significant accomplishments, you will see how we work to support the entire construction industry as The Construction Association.
April 1, 2021
The infrastructure investment included in the Biden Infrastructure Plan would be funded through a variety of broad tax increases, primarily aimed at multinational corporations, but that would also impact domestic C-corporations, including some construction firms. Increased taxes on pass-through businesses, individual tax rates, estate taxes, capital gains taxes, and payroll taxes, are expected in the next “human infrastructure” package to be released in the near future. The primary funding mechanism would be to increase the corporate tax rate from the current 21% rate to 28%.
March 25, 2021
On March 25, the Senate is expected to pass the AGC-supported Paycheck Protection Program (PPP) Extension Act that would extend the deadline for taking out a PPP loan through June 30, 2021. Importantly, while the legislation extends the deadline for loan approval through June 30, borrowers’ applications must be submitted to their lenders by May 31. The House previously passed the bill, and President Biden is expected to sign it if and when it reaches his desk. Without congressional action, the program’s authorization will expire on March 31, 2021.
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