Washington Observer.

The article focuses on various developments in Washington D.C., related to the construction industry. Senate Environment and Public Works Committee leaders have agreed on key elements of a $255-billion, six-year highway bill. Firms providing construction, engineering and architectural services would benefit from a 10-year, $140-billion tax-cut package approved on October 28, 2003 by the House Ways and Means Committee. The proposed legislation would reduce the corporate tax rate for those firms from the current 35% to 32% beginning in 2007. Committee Democrats were able to remove a provision that would have given about $70 million in tax breaks to U.S. companies with offshore contracts, including firms doing construction work in Iraq.