Sen. Deb Fischer (R-NE) introduces AGC-backed legislation that would apply a federal user fee to electric vehicles (EVs)—in the form of a one-time tax on batteries used in EVs at the manufacturer—and apply the revenue to the highway trust fund.
On June 12, AGC presented its concerns to the Internal Revenue Service (IRS) about the agency’s proposed rule to investigate and audit captive insurance companies that elect to be taxed as a so-called “small captive” or “831(b) captive.”
The House of Representatives passes legislation that would pair an increase in the nation’s debt ceiling with a combination of spending cuts, caps on future spending growth, and construction-significant reforms to the permitting process.
President Biden’s budget proposes a number of new tax increases that would impact construction firms, including raising the corporate tax rate to 28%, increasing the 3.8% net investment income tax to 5% for income over $400,000, and taxing capital gains at the ordinary income rates for incomes above $1 million (for a top capital gains rate of 44.6%), among other things.
The AGC-backed legislation would help reduce the threat to construction firms of time consuming and expensive random or full field audits, regardless of whether the IRS determines any additional taxes are owed.