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Exxon Mobil Corp. plans to invest $50 billion over five years to expand its U.S. oil-and-gas production facilities, the company said on Feb. 2, when it released its 2017 results, which included $8.4 billion in fourth-quarter earnings and $19 billion in income for the year.
Now passed by Congress, the bill bestows one of its biggest and most controversial gifts—a 20% deduction for pass-through revenue—on the majority of U.S. firms that are partnerships, S-corporations and sole proprietorships.
As House and Senate legislators prepare to negotiate a compromise tax-cut bill, some construction groups prefer the version the Senate passed on Dec. 2 over the House-approved measure, particularly because of better provisions for partnerships and other pass-through entities.
Tax bills for most small construction companies would fall under a broad tax-reform outline unveiled on Sept. 27 by the Trump administration and congressional Republicans.