We are proud to report that we have had a strong year in 2020 as the contents of our Annual Report - The Power of Engagement - make clear. The digital report catalogues the many accomplishments of 澳门六合彩开奖预测 of America. In our catalogue of some of the association鈥檚 most significant accomplishments, you will see how we work to support the entire construction industry as The Construction Association.
The infrastructure investment included in the Biden Infrastructure Plan would be funded through a variety of broad tax increases, primarily aimed at multinational corporations, but that would also impact domestic C-corporations, including some construction firms. Increased taxes on pass-through businesses, individual tax rates, estate taxes, capital gains taxes, and payroll taxes, are expected in the next 鈥渉uman infrastructure鈥 package to be released in the near future. The primary funding mechanism would be to increase the corporate tax rate from the current 21% rate to 28%.
On March 25, the Senate is expected to pass the 澳门六合彩开奖预测-supported Paycheck Protection Program (PPP) Extension Act that would extend the deadline for taking out a PPP loan through June 30, 2021. Importantly, while the legislation extends the deadline for loan approval through June 30, borrowers鈥 applications must be submitted to their lenders by May 31. The House previously passed the bill, and President Biden is expected to sign it if and when it reaches his desk. Without congressional action, the program鈥檚 authorization will expire on March 31, 2021. The extension will give construction firms more time to apply for PPP loans, as many firms see waning backlogs.
澳门六合彩开奖预测 Enters into Negotiations with SBA; Hoping for Settlement of PPP Lawsuit澳门六合彩开奖预测 Member Wins Forgiveness of PPP Loan Over $2 Million
澳门六合彩开奖预测 Concerned About Impact on PPP Loan Forgiveness State Tax Treatment & More
Public and private building markets, many of which are reeling from pandemic impacts, will find some respite through 澳门六合彩开奖预测鈥檚 success in landing significant development tax policies in the year-end COVID-relief and government funding bill enacted on December 27, 2020. These tax policies include $25 billion in tax incentives for community buildings development through the extension of the New Markets Tax Credit for five years; expanding tax credits for constructing more than 550,000 multifamily housing units via the Low-Income Housing Tax Credit; and makes permanent, with updated ASHRAE standards, the commercial building energy efficiency tax deduction (Section 179D), which encourages private development. In addition, 澳门六合彩开奖预测 was able to ensure that some of the $82 billion for public and private K-12 schools and higher education in COVID-relief is eligible for construction/renovation projects related to pandemic needs. For a detailed analysis of what was included in the year-end bill from a construction industry perspective, click here.
On June 17, the U.S. Small Business Administration and the Department of the Treasury released a revised Paycheck Protection Program (PPP) loan forgiveness application, implementing the fixes from the 澳门六合彩开奖预测-backed Paycheck Protection Program Flexibility Act enacted June 5. The agencies also released a streamlined 鈥淓Z version鈥 of loan forgiveness application that may be used in limited circumstances. The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 澳门六合彩开奖预测 continues to press for improvements to the PPP and will provide further updates as they develop.
On March 25, the Senate passed, 96-0, H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is expected to be taken up by the House of Representatives soon. The CARES Act, a $2 trillion economic relief package, is the third in a series of coronavirus related measures Congress has taken up in recent weeks to address the pandemic sweeping the country. This legislation encompasses a host of provisions that will provide construction employers and employees with critically needed access to capital, expedited cash-flow, worker benefit protection, and critical tax relief, among other things. While this bill is appreciated, due to the unparalleled uncertainty this pandemic has brought, 澳门六合彩开奖预测 recommended to Congress further measures that must be taken to safeguard the construction industry from the effects of this outbreak.
On March 18, 澳门六合彩开奖预测 joined a host of other business groups in calling on Congress to enact a number of tax-related measures to safeguard companies, regardless of size, during the COVID-19 outbreak. This includes policies such as immediately providing accessible, unsecured credit to businesses, suspend the filing of business returns and the payment of all business taxes, and amending the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments. 澳门六合彩开奖预测 believes these measures will help to minimize the number of businesses closed and workers unemployed during this time and ensure that all businesses have the resources necessary to ride out the pandemic.
Construction Firms Are Already Taking Steps to Protect Employees, Most of Whom Already Wear Protective Equipment, While Halting Work Will Undermine Efforts to Add Hospital Capacity