The tax reform plan unveiled by the White House earlier this week contains some provisions relevant to aggregates operations everywhere.
The administration seeks to lower the corporate tax rate on small businesses, specifically, so that they have an ability to expand their operations, increase wages and even hire additional employees.
- Limits the maximum tax rate for small and family-owned businesses conducted as sole proprietorships, partnerships and S corporations to 25 percent, significantly lower than the top rate that these businesses pay today.
- The plan reduces the corporate tax rate to 20 percent, which is below the average of the industrialized nations.
- For at least five years, companies can expense haulers, loaders or other depreciable assets bought after Sept. 27, 2017.
- It eliminates the death tax and alternative minimum tax, which requires people to do their taxes twice.
- Ends incentives to ship jobs, capital and tax revenue overseas.
NSSGA will monitor efforts in Congress to change Percentage Depletion, Like-Kind Exchanges, or the LIFO accounting method that could impact aggregates companies. We ask that NSSGA members inform us about how you think this legislation will impact your business.