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President Biden Unveils Sweeping Six-Part Action Plan to Combat COVID-19

September 15, 2021

On Sept. 9, President Biden unveiled a six-pronged national strategy to combat the spread of COVID-19, which will impact large private employers and federal contractors.

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From the category archives: GA - Tax Relief & Fiscal Policy

ABC Calls for Section 199A Permanence for Small Businesses

On June 22, ABC joined more than 100 trade associations to support the Main Street Tax Certainty Act (H.R. 1381/S. 480) and to oppose potential legislation from Sen. Ron Wyden (D-Ore.) that would weaken the Section 199A pass-through deduction. The Main Street Tax Certainty Act would make permanent the current 20% deduction for small and family-owned businesses, provided through Section 199A of the Tax Cuts and Jobs Act of 2017.

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Biden Infrastructure Plan Rife With ABC-opposed Labor Policies

On March 31, the Biden administration released a more than $2 trillion infrastructure outline titled the “American Jobs Plan.” While the plan calls for federal spending over the next eight years to improve the nation’s infrastructure, including for transportation, broadband, energy, and drinking water, it also includes funding for schools and child-care facilities, affordable housing, workforce development and manufacturing.

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President Trump’s Deferral of Payroll Tax Goes Into Effect; Guidance Issued

On Tuesday, Sept. 1, President Trump’s memorandum deferring payroll tax obligations went into effect. This memorandum allows for the deferral of the employee portion of federal payroll taxes — 6.2% for social security and 1.45% for Medicare — from Sept. 1, 2020, until Dec. 31, 2020, for workers earning less than $4,000 on a biweekly basis or $104,000 annually.

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ABC Objects to HEROES Act Tax Hike for Small Construction Businesses

As part of the Parity for Main Street Employers coalition, ABC opposed a proposal from Democrats in the U.S. House of Representatives that would raise taxes on small construction businesses through the repeal of the bipartisan-supported net operating loss carryback and loss limitation provisions previously included in the CARES Act.

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State Budget Shortfalls Expected to Affect Public Works Spending

States and localities across the United States are facing an uncertain economic future as the coronavirus pandemic has ground economic activity to a halt across the country and cut off revenue streams that these governments rely on, such as sales and income taxes. Unanticipated state budget expenditures, like emergency funding packages, are also forcing states to reconsider how resources are allocated in their budgets.

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ABC Attends White House Opportunity Zones Conference

On April 17, ABC joined state, local, tribal and community leaders in attending the White House Opportunity Zones Conference. More than 170 people from across the nation attended. READ MORE

IRS Releases Final Pass-through Deduction Regulations

On Jan. 18, the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance implementing the new qualified business income deduction (also known as the section 199A deduction). The new 20 percent deduction for pass-through entities was created by the ABC-supported Tax Cuts and Jobs Act. READ MORE

IRS Issues Additional Tax Cuts and Jobs Act Guidance

Over the last month, the U.S. Department of Treasury and Internal Revenue Service have issued several proposed rules that provide guidance and implement changes to the tax code under the Tax Cuts and Jobs Act. Signed into law nearly a year ago, the historic tax reform bill included several key provisions that affect the construction industry, and the recently issued proposals provide critical information for construction employers on how to comply with the law. READ MORE

DOL Issues Proposal on Small Business Retirement Plans

On Oct. 23, the U.S. Department of Labor issued a proposed rule that would allow small and mid-sized businesses to band together and offer 401(k) plans to their employees through Association Retirement Plans. READ MORE

IRS Issues Guidance on Small Business Health Care Tax Credit

On April 27, the Internal Revenue Service issued guidance on providing relief for certain small businesses that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. READ MORE
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