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Tax Break For The Construction Industry |
June 14, 2005
Previously published on June 3, 2005
The American Jobs Creation Act of 2004 established a new Internal Revenue Code section
199, which permits qualifying taxpayers to claim a deduction from taxable income
attributable to certain domestic production activities, including construction performed
in the United States. In general, for 2005 new section 199 provides for a 3%
deduction, increasing to 6% for tax years beginning in 2007, 2008, and 2009, and 9%
for tax years beginning in 2010 and thereafter.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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