Senate Passes the One Big Beautiful Bill - AGC Wins and Next Steps
The U.S. Senate approved its version of the One, Big, Beautiful, Bill Act (OBBBA), advancing a package that has evolved considerably since its introduction. The final Senate text contains many of AGC’s priorities on tax, workforce, and border security, including:- Protecting small construction companies by making the 199A/Qualified Business Income Deduction permanent to prevent a 20% tax hike;
- Increasing and making permanent the estate tax exemption to help family-owned construction companies; and
- Restoring full expensing for new and used construction equipment purchases.
Passage of this bill ensures our nation does not default on its debt and ensures most construction companies will not face a 20% tax increase – which would have been a higher rate than before the 2017 Tax Cuts and Jobs Act (TCJA) passed. AGC of America supported passage with a Key Vote Letter circulated to all senators.
Here is the Pros and Cons of the One Big Beautiful Bill summary provided by AGC of America, including key provisions affecting the construction industry. The House is expected to take up the Senate-passed bill shortly; it could either be adopted as is or returned to the Senate after further revisions, extending the timeline.
AGC of America will keep us updated as OBBBA moves toward final enactment.