AGC Discusses Tax Priorities with Congress

In May 2024, House Ways and Means Committee Chairman Jason Smith (R-Mo.), along with the Republican members of the Committee, created 10 "Republican Tax Teams" to explore different aspects of the 2017 Tax Cuts and Jobs Act (TCJA). Many elements of this legislation, which was the most comprehensive rewrite of the federal tax code in over 30 years, have either already expired, or will expire in 2025. Included in these expiring provisions are a number of provisions that are particularly important to the construction industry, including the ability to fully deduct the cost of new and used equipment in the year it is purchased ("full expensing"), the increased exemption level for the estate tax, and the so-called "qualified business income deduction," also known as the "section 199A deduction."

One of the members of the Ways and Means Committee, Congressman Greg Murphy (R-N.C.), held a roundtable, in conjunction with the tax teams, on Thursday, August 22, in his North Carolina district office. Taylor Jeffries, the Chief Financial Officer of T.A. Loving Company, participated in the roundtable on behalf of AGC of America. The roundtable focused on the expiring provisions of the Tax Cuts and Jobs Act, and Mr. Jeffries was able to talk about how the TCJA positively affected T.A. Loving, as well as all the subcontractors with which the company works.

If you or your chapter would like to be more involved in developing and/or advocating for AGC's tax priorities, please contact Matthew Turkstra at (202) 547-4733.