President Donald Trump’s administration is proposing a major tax relief package to help construction companies avoid paying federal taxes, according to the Associated Press.
Trump’s proposal, which is set to be unveiled next week, would exempt companies with revenues of more than $250 million from paying the full income tax on their business income, the AP reports.
Construction companies are among those receiving tax breaks in the proposed tax reform package.
Under the Trump plan, they would be able to deduct up to $100 million from their federal taxes on their investment income and $500 million from other sources.
The AP reports that the tax breaks would be distributed evenly among construction, mining, energy and telecommunications industries, but construction firms would be exempt.
The proposal comes as Trump seeks to cut $300 billion from the federal budget over the next decade, which includes $20 billion for infrastructure.
It is unclear whether Trump would include the construction tax break in the tax reform bill.
Trump has previously promised to overhaul the tax code, and he said during the 2016 presidential campaign that he was willing to pay a $3.4 trillion tax cut to boost economic growth and help businesses.
Trump, however, has said he would pay for his tax reform with new spending cuts and tax increases.