Construction News – Congress Passes Tax Reform

Congress passed the Tax Cuts and Jobs Act (H.R. 1) code and now awaits President Trump's signature. The House of Representatives passed the bill 227 to 203 and the Senate passed it by a vote of 51 to 48. The bill, in part, lowers the corporate income tax rate to 21 percent, repeals the corporate alternative minimum tax (AMT) and allows for the immediate write-off of capital purchases (excluding land) through 2022….

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