• Tax Break For The Construction Industry
  • June 14, 2005
  • Law Firm: Seyfarth Shaw LLP - Chicago Office
  • 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.