Rock Products

FEB 2018

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Page 12 of 85 ROCK products • February 2018 • 9 IN THE KNOW Congress has approved the Tax Cuts and Jobs Act, a massive plan to over- haul the tax code. The measure passed the House 224 to 201 as overwhelming Republican support carried the bill past unanimous Democratic opposition and "no" votes from 12 GOP members. The House vote comes after the Senate approved an identical measure, with all Democrats opposed and all Republicans present in support. The plan would permanently drop the corporate tax from 35 percent to 21 percent, while also rewriting the individual tax rules to lower rates and restructure deductions. "We welcome the passage of this bill, the first meaningful tax reform effort in many years," said Michael Johnson, pres- ident and CEO of the National Stone, Sand and Gravel Association (NSSGA). "In addition to supporting a corporate tax rate of 21 percent, NSSGA actively worked to protect the tax-ex- empt status of private activity bonds for state and local infrastructure proj- ects. We also were glad to see that the final bill keeps whole percentage deple- tion, the LIFO accounting method and Like-Kind Exchanges for real estate. Hopefully, this bill lays the necessary groundwork for Congress to give its full attention to infrastructure investment in the first part of 2018." my last year as Chairman focusing 100 percent on working with President Trump and my Republican and Demo- cratic colleagues in both Chambers to pass a much-needed infrastructure bill to rebuild America," Shuster said in a statement. Other key transportation advocates stepping down in 2018 include Avia- tion Subcommittee Chairman Frank LoBiondo of New Jersey, Transpor- tation and Infrastructure Committee Vice Chairman John Duncan of Ten- nessee and committee member Blake Farenthold of Texas. Reps. Jeff Denham (R-Calif.) and Sam Graves (R-Mo.) have indicated an interest in the House Transportation Committee chairmanship if the Repub- licans maintain control of the House. Industry Associations Laud Tax Legislation Michael Johnson Visit us at AGG1 Expo Booth #1016

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