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Top Three 11/17/17

Nov 16, 2017

1. The House voted to pass the first major reform of the tax code rates in over thirty years. Thirteen Republicans crossed party lines and voted against the measure. As previously reported, the plan would lower the corporate tax rate to 20 percent from 35 percent and reduce the number of individual-income rates to four from seven. It would also repeal the estate tax and the Alternative Minimum Tax. The bill, however, limits the ability of pass-through firms to fully take advantage of the new 25 percent tax rate and limits the ability of the state and local tax deduction to only the first $10,000. The Senate Finance Committee, meanwhile, spent the week on its version of the bill. NECA has major concerns with their version because the proposed measure does not significantly reform tax rates and only makes the rate changes temporary for individuals, does not eliminate the estate tax, and takes away the ability for individuals to deduct their state and local taxes. NECA has prepared a side-by-side of the major differences between the House and Senate bills in this presentation.

NECA's Look Ahead »

2. Once tax reform is addressed, Congress still has several major issues to tackle, including a December 8 deadline for agreeing on legislation to keep the government funded through fiscal 2018.

NECA's Look Ahead »

3. On November 15, 2017, the House Committee on Education and Labor, Chaired by Rep. Virginia Foxx (R-NC), held a hearing “Examining the Policies and Priorities of the U.S. Department of Labor”. During the hearing, Secretary of Labor Alexander Acosta gave extensive testimony on the priorities of the Department of Labor.

NECA's Look Ahead »