This week, AGC submitted comments in response to a letter sent by Senator Orrin Hatch, Chairman of the Senate Committee on Finance, soliciting input from stakeholders on tax reform.  The deadline for submissions was Monday, July 17. AGC’s comments called for tax reform that lowers the rates for all businesses, corporate and pass-through alike. The comments also called for repealing the Alternative Minimum Tax (AMT), increasing the threshold at which the percentage-of-completion method of accounting is required and raising the exemption level for long-term contracting rules.  AGC also called on Congress to use the opportunity presented by comprehensive tax reform to invest in the nation’s infrastructure and shore up the Highway Trust Fund.
According to Capitol Hill publications, the email inbox set up by the Finance Committee to receive comments was flooded with “hundreds of thousands of submissions.”  While most of these submissions were form letters generated by a group called Americans for Tax Fairness, opposing lower taxes on “millionaires and wealthy corporations,” many other submissions were from traditional stakeholders, like AGC. According the Senate Finance Committee “each submission will be considered as the committee moves forward with its current tax reform efforts.” AGC will continue to monitor the committee’s progress on tax reform.
For more information, contact Matt Turkstra at [email protected] or (202) 547-4733.