The expiration of key provisions under the Tax Cuts and Jobs Act (TCJA) of 2017, coupled with a shifting political landscape, is set to bring significant changes that directly impact contractors, subcontractors, and construction firms. New legislation passed by the U.S. House of Representatives seeks to make these provisions permanent and introduce additional tax incentives tailored to support continued growth and investment.

The expiration of key provisions under the TCJA of 2017 and a shifting political landscape point to significant changes for businesses.

As individuals rush to file their 2023 tax returns, it is crucial to be mindful of a looming "ticking tax timebomb" set for 2026.