On Sept. 26, the House of Representatives is expected to vote on the Protecting Family and Small Business Tax Cuts Act of 2018, which would make permanent a number of AGC-supported tax provisions that will expire in 2025 without Congressional action. The Senate may take up the legislation after the November election.
In December 2017, the president signed into law the Tax Cuts and Jobs Act (TCJA), which – amongst other things – created a new 20 percent deduction for qualified pass-through business income and doubled the exemption for the estate tax from $5 million to $10 million. Unfortunately, due to budgetary constraints, a number of provisions in the Act were made temporary, including the pass-through deduction and the increased estate tax exemption.
On Sept. 12, AGC sent a letter to the Ways and Means Committee supporting the Committee’s consideration of the legislation. On Sept. 25, AGC sent a letter to the House of Representatives in support of its passage.
For more information, contact Matt Turkstra at [email protected], or (202) 547-4733.
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