Tax Bill Will Stimulate Demand for Construction and Help Owners, Employees
The "Jobs and Growth Tax Relief Reconciliation Act of 2003" that Congress passed this morning will stimulate demand for construction by returning $210 billion to individuals, businesses and states in the next 16 months, AGC reports.
The "Jobs and Growth Tax Relief Reconciliation Act of 2003" that Congress passed this morning will stimulate demand for construction by returning $210 billion to individuals, businesses and states in the next 16 months, even greater total relief than President Bush had proposed over the short run. Moreover, the bill contains several provisions that will relieve tax burdens for construction firms, their owners and employees. The final bill contains no offsetting tax increases.
Associated General Contractors of America (AGC), the oldest and largest national construction industry trade association, supported tax relief from the time President Bush proposed it in January. AGC lobbied successfully on behalf of dividend and depreciation relief, a form of which was included in the final package. AGC also organized the Construction Coalition to Save American Jobs Overseas, which mobilized opposition to the Senate's repeal of tax code section 911, the partial tax exclusion of living expenses for taxpayers working abroad.