All of the photos from the 2023 AGC of America Annual Convention are now available via our online photo portal. The photos are organized in albums based on each session and can be downloaded the photos right from the site. Thanks to everyone who attended the 2023 Annual Convention in Las Vegas, their support and engagement helped make the event a big success. We hope to see all you next year at our 2024 Annual Convention in San Diego from March 20-22, 2024!
Digital, Video and Printable Versions of the Annual Report are now available at report.agc.org
Over the past two months, AGC of America, working with a coalition of other industry stakeholders, has worked with Congress to pass an extension of the Employee Retention Tax Credit (ERTC) through the fourth quarter of 2021. The ERTC was originally extended to run through the end of 2021 but was retroactively repealed for the fourth quarter after passage of the Infrastructure Investment and Jobs Act (IIJA), to expire after September 30. Because of the delay in passing IIJA some construction firms already claiming the credit in October 2021 face a potential tax penalty when they file their 2021 tax returns as a result.
On February 7, AGC filed comments to the Financial Crimes Enforcement Network (FinCEN) regarding proposed regulations to implement legislation passed in 2020 called the Corporate Transparency Act. The legislation would require legal entities with fewer than 20 employees and less than $5 million in gross revenue to submit “beneficial ownership information” to FinCEN. Beneficial owners are defined in the statute as anyone who owns at least 25 percent of a company, or exercises “substantial control” over its operations. AGC opposed the Corporate Transparency Act when it was considered in Congress due to the potential for the unauthorized disclosure of sensitive information—and any associated identity theft and/or cybercrime—and the potential for the owners of construction firms to be fined and/or imprisoned for failing to furnish this information in a timely manner.
On February 10, Senators Maggie Hassan (D-N.H.), Tim Scott (R-S.C.), Mark Warner (D-Va.), Shelly Moore Capito (R-W.Va.), and Ben Cardin (D-Md.) introduced AGC-supported legislation to extend the employee retention tax credit (ERTC) through the end of 2021. The Senate bill mirrors AGC-supported legislation introduced in the House of Representatives last month by Reps. Carol Miller (R-W.Va.) and Stephanie Murphy (D-Fla.).
AGC recently joined a group of business and non-profit stakeholders to support bipartisan legislation—introduced by Reps. Carol Miller (R-W.Va.) and Stephanie Murphy (D-Fla.) to extend the Employee Retention Tax Credit (ERTC) through the fourth quarter of 2021. The ERTC fourth quarter credit was canceled because it was used to help pay for the $1.2 trillion bipartisan infrastructure law, formerly called the Infrastructure Investment and Jobs Act. AGC will work with the coalition to find senators to introduce companion legislation and explore legislative vehicles to pass an extension of ERTC in the first quarter of 2022.
The Biden Administration’s Commerce Department announced that it will double anti-dumping and countervailing duties on Canadian softwood lumber producers, from 8.99% to 17.99%. Earlier this year, Commerce said it planned to increase the tariffs to 18.32% but agreed to further study the issue after significant bipartisan pushback from Congress, which AGC supported at the time.