A number of key tax provisions have either expired or will soon expire. With a struggling economy and recent inaction by Congress resulting in failure to reach an agreement on reducing the budget deficit, this could only add to the uncertainty many businesses, including those in the construction industry, are facing in 2012.
Some of the most taxpayer-favorable business tax incentives expired at the end of 2011 and others are expected to expire after 2012, and could have an impact on contractors and the construction industry. Although Congress may retroactively reinstate some or all of these provisions, an agreement before the November election seems unlikely. On the table are:
