For Construction Pros
A tax deduction that starts at 3 percent in 2005 and will eventually reach 9 percent in 2010 on all domestic manufacuturing activity, including construction and engineering services.
It extends through 2007 Section 179, which allows small businesses that spend less than $400,000 a year on equipment to deduct up to $100,000 a year. The levels had been scheduled to drop back to $200,000 and $25,000, respectively, after next year.
Makes law the exemption of mobile off-road equipment, such as concrete pumpers and cranes, from federal highway taxes. While that was the current practice, the Internal Revenue Service had proposed ending the exemptions. Mobile machinery owners will have to pay fuel tax, but they can apply for a refund at year-end if the equipment travels less than 7,500 miles on public roads.
States and local communities will be able to issue tax-exempt bonds to finance green buildings and sustainable development.
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Updated: July 8th, 2008 05:26 PM GMT-05:00
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