The U.S. Senate and House of Representatives have both approved the Senate’s version of the One, Big, Beautiful, Bill Act (OBBBA), advancing a package that has evolved considerably since its introduction. The final text contains many of AGC’s priorities on tax, workforce, and border security, including:
- Protecting small construction companies by making the 199A/Qualified Business Income Deduction permanent to prevent a 20% tax hike;
- Increasing and making permanent the estate tax exemption to help family-owned construction companies; and
- Restoring full expensing for new and used construction equipment purchases.
Passage of this bill ensures our nation does not default on its debt and ensures most construction companies will not face a 20% tax increase – which would have been a higher rate than before the 2017 Tax Cuts and Jobs Act (TCJA) passed. AGC of America supported passage with a Key Vote Letter circulated to all senators.
AGC has created a Pros and Cons of the One Big Beautiful Bill summary of key provisions affecting the construction industry.
The OBBBA is now headed to President Trump’s desk, where he is expected to sign it shortly.