Bill would increase the maximum deductibility limit to 140%
The Associated General Contractors of America (AGC) recently testified at a hearing on Capitol Hill before the House Ways and Means Subcommittee on Select Revenue. A representative from the organization urged Congress to pass a multi-employer pension bill that would increase the maximum deductibility limit to 140% of current liability.
Chuck Clark, a member of AGC’s Michigan chapter, said that if Congress would pass the bill, the construction industry could avoid the funding problems it faced in 2002.
AGC has been working with the Multi-Employer Plan Coalition, a group of employers, unions, and trustees on the Taft-Hartley plans, to address the needs of multi-employer plans for the construction industry and beyond. The coalition created a legislative proposal, presented it to Congress, and worked to ensure that the majority of its recommendations were a part of the House bill.
