The new federal tax law introduces key changes that could impact how construction business owners plan, invest, and pass on their companies. While the Employee Retention Credit has officially closed, the legislation offers new opportunities for business tax relief and long-term planning, including:
- Immediate expensing: Equipment, machinery, and other capital assets can now be expensed immediately.
- Renewed R&D credit: A renewed research and development (R&D) credit applies to qualifying construction innovations.
- Expanded business interest deductions: These deductions can reduce taxable income.
For those considering the future of their company, there’s good news on the succession front. The qualified small-business stock exemption may allow founders to sell their stake without incurring federal capital gains tax, depending on the business structure. Additionally, the Opportunity Zone program has been permanently extended for real estate developers and investors, with increased incentives for rural and underdeveloped areas.
Now is the ideal time to assess your business’s standing under the new rules, whether you’re planning to grow, restructure, or transition the company to the next generation.
📞 Let’s discuss how these changes can support your long-term strategy. Contact us: https://burkhalterlawllc.com/contact-us/
