The new tax law will certainly impact the way builders and developers work. These changes can lead to more small builders and developers save money.
In an article from Builder Online, author Steven Friedman writes, “While specific elements of the legislation such as tax rate reduction and changes to the mortgage interest deduction have gotten a lot of attention, there are many aspects of the new law that will change the way builders and developers work”.
In the article, Friedman discusses:
- The tax rate changes
- Changes to the deducting interest expense
- A new limit on the ability to use losses
- Two major changes for homebuyers
Friedman continues, “The Act generally is effective for tax years beginning after December 31, 2017. Interestingly, many of the Act’s provisions sunset, or self-repeal, after a limited number of years, starting in 2022 and running through 2026”. Is your construction company benefiting from the new tax law?
To read more, see the full article from Steven Friedman in Builder Online.