US Congressional leaders have beached an agreement on the bills that will extend around 50 tax breaks for business and families and fund government operations in 2016. Included in the package are numerous provisions that will affect the aggregates industry, including a permanent extension of Section 179 investment write-offs for small businesses, the research and development tax credit and a five-year extension of the bonus deprecation, which gives companies write-offs for investment expenses.
“After years of short-term extensions, good faith bipartisan compromise prevailed,” said Senate Finance Committee Chairman Orrin Hatch, R-Utah. “The result? A strong common-sense deal that puts in place permanent and responsible tax relief to help businesses, families and individuals keep more of their hard-earned dollars and promotes greater economic growth here at home.”
The US$1.1 trillion government-funding bill includes small increases in funding for the US Department of Transportation, MSHA and the Army Corps of Engineers, although funding for the EPA remains the same. Working with a group of stakeholders, the NSSGA secured language in the bill that will keep the US Department of Homeland Security from being able to pay for the implementation of a final rule on ammonium nitrate, due to continued delays in that process.
Unfortunately, the appropriations package for 2016 does not include any provisions to delay or stop the EPA’s WOTUS rule.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/the-americas/21122015/us-2016-appropriations-package-221/