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What contractors need to know about the tax act

July 9, 2018

The general sentiment in the industry seems to be that the new corporate tax rate and the 20% deduction for owners of pass-through companies will let businesses reinvest more into expanding their operations.

But some contractors will be paying more at the local level as some cities have turned to construction companies and developers to fund their affordable housing initiatives. The Philadelphia City Council recently passed the 1% Construction Impact Tax, a levy on building permit cost estimates.

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