House Ways and Means Committee Launches Tax Teams to Tackle Expiring 2017 Provisions

Focused on reviving key tax benefits, the newly formed groups aim to secure future tax relief for families, workers, and small businesses as 2025 deadlines approach. 

On Wednesday, April 24, the Chairman of the House Ways and Means Committee announced the formation of 10 "Committee Tax Teams" to study key tax provisions from the 2017 Tax Cuts and Jobs Act that are set to expire in 2025. The groups will also focus on identifying legislative solutions to "help families, workers, and small businesses."

The 10 committees will be comprised of the Republican members of the Ways and Means Committee, and will focus on: American Manufacturing, Working Families, American Workforce, Main Street, New Economy, Rural America, Community Development, Supply Chains, U.S. Innovation, and Global Competitiveness.

As a reminder, the AGC-supported Tax Cuts and Jobs Actcommonly known as the "Trump Tax Cuts"—made significant changes to the tax code, but many of the most important provisions for construction companies expire in 2025 or earlier. This includes "full expensing" or the ability to fully deduct the cost of equipment in the year of its purchase, the Section 199A "qualified business income" deduction for pass-through businesses such as S-Corporations and partnerships, and increasing the exemption level for the estate tax.

Over the next 8 months, AGC will actively engage with these working groups to advocate for tax priorities heading into next year.

Contact Matt Turkstra for more information.

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