Last month, the Internal Revenue Service withdrew the Section 2704 Rule, better known as valuation discounts (IRS Withdraws Estate, Gift Tax Valuation Regulations). The withdrawal of this Obama-era proposed regulation is a big win for NRMCA and for family owned/operated businesses throughout not only the ready mixed concrete industry, but throughout America.
In 2016, the IRS proposed new regulations under Section 2704 of the tax code, which could have significantly limited the ability of family-owned/operated business to transfer the interests of property from one generation to the next. NRMCA opposed the midnight regulation and fully engaged a very aggressive grassroots action plan that included partnering with multiple associations across the construction and transportation industries. Almost a year later, the rule has been completely withdrawn.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
National Ready Mixed Concrete Association