Business/Tax

Extension of Tax Relief

Issue
ACEC strongly supported passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. These two pieces of legislation contained numerous provisions to reduce the tax burden on business, including: the full repeal of the death tax by the year 2010; a temporary reduction in the tax rates on capital gains and dividends to 15 percent; a temporary increase of the maximum expensing benefit for small business investment; and a reduction in individual income tax rates. Unfortunately, these tax cuts will all sunset by 2011 at the latest, unless Congress passes legislation to make the 2001 and 2003 tax cuts permanent.

ACEC Position
ACEC supports legislation to make permanent the tax cuts contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.