On May 12, the U.S. Department of the Treasury and Internal Revenue Service released additional guidance on the Inflation Reduction Act’s domestic content bonus tax credits, which are in effect for all taxable years ending after May 12, 2023. The guidance may be relied upon by taxpayers for all construction that begins prior to the effective date of forthcoming proposed regulations.
News and Media
Treasury Releases Guidance on IRA Domestic Content Requirements
Nonresidential Construction Employment Increases in May Despite Signs of Weakness in Economy, Says ABC
WASHINGTON, June 2—The construction industry added 25,000 jobs on net in May, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by...
Nonresidential Construction Spending Increases in April Despite Recession Fears, Says ABC
WASHINGTON, June 1—National nonresidential construction spending expanded 1.9% in April, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending...
ABC Urges DOL To Abandon Overtime Proposed Rulemaking
On May 25, ABC joined the Partnership to Protect Workplace Opportunity in sending a letter to the U.S. Department of Labor’s Wage and Hour Division, urging Acting Secretary Julie Su to abandon or at least postpone issuance of its anticipated proposed rulemaking that...
Construction Job Openings Increase By 68,000 in April, Says ABC
WASHINGTON, May 31—The construction industry had 383,000 job openings in April, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any...
ABC Supports Bipartisan Bill To Avoid Default, Limit Government Spending and Reform the Permitting Process
WASHINGTON, May 30—ABC issued the following statement today in support of the recently announced bipartisan Fiscal Responsibility Act of 2023.