1. NECA is pleased to announce that Rep. Bill Johnson (R-OH) will be speaking at next week’s Legislative Conference!
NECA’s Look Ahead: Rep. Bill Johnson sits on the Committee on Energy and Commerce and the Committee on the Budget. He will speak to attendees about a range of issues affecting our industry.
2. On May 12 the Tax Policy Subcommittee of the Ways and Means Committee held a hearing in which several Members of Congress—both on and off the Ways & Means Committee — appeared on witness panels to promote tax legislation they have authored. A wide variety of bills were discussed on retirement and education savings, inheritance, general business taxation, energy, and other subjects.
NECA Look Ahead: Many members offered proposals long supported by NECA, focusing on reforming the tax code and enhancing the energy efficiency sector, including the following:
- Rep. Vern Buchanan (R-FL) discussed his NECA-supported Main Street Fairness Act (H.R. 5076), which would establish that businesses filing taxes as pass-through income, such as sole proprietorships, partnerships, LLCs and S Corporations, would never pay a higher rate than a C Corporation.
- Rep. Tom Reed (R-NY) discussed his Technologies for Energy Security Act (H.R. 5172), which extends the Section 48 investment tax credit for all technologies to property which begins construction before January 1, 2022. The bill phases out the 30% ITC for fuel cells and small wind, but without a placed in service requirement. Rep. Reed highlighted the bipartisan support for the bill, and its ability to enhance the nation’s energy independence and energy security.
- Rep. Dave Reichert (WA-08) discussed his S Corporation Modernization Act (H.R. 2788), co-sponsored by Rep. Ron Kind (D-WI). This tax relief proposal would make it easier for S corporations to access capital, compete, and hire new workers by modernizing outdated rules that currently stifle their growth.
3. The Administration sent a draft final rule implementing President Obama's Fair Pay and Safe Workplaces Executive Order to the Office of Management and Budget for final review and approval.
NECA’s Look Ahead: This agency action sets the rule, which would require federal contractors to report past labor and employment law violations, on the path for final promulgation within the next few months.