President Donald Trump signed H.R. 1, the “big beautiful bill” into law on the Fourth of July, "delivering historic tax relief to the U.S. construction industry and Main Street businesses nationwide," the Associated Builders and Contractors said in a news release.
“On this July 4, ABC celebrates Congress and the White House working together to bring this pro-growth tax reform to reality for the millions of hardworking Americans who build and power our economy,” ABC VP of Government Affairs Kristen Swearingen said in a statement. “This new law provides long-overdue tax certainty that empowers construction businesses to invest in their workforce, expand operations and keep America building.”
The bill will:
- Make the Section 199A small business deduction permanent, providing tax certainty for pass-through businesses and allowing contractors to reinvest in their operations and workforce without future tax hikes.
- Provide estate tax relief, allowing family-owned construction businesses to pass ownership to the next generation without incurring estate tax.
- Exempt overtime pay from federal income tax.
- Expand the use of 529 savings accounts to cover career and technical education in the skilled trades, helping construction professionals enter the workforce without student debt.
- Restore the ability for businesses to deduct domestic research and experimental expenditures, providing critical support for innovation in construction.
Read the full news release here.
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