1. The Senate Budget Committee moved H.R. 1, the Tax Cut and Jobs Act forward on a procedural vote, which allows debate to begin on the measure with a final vote expected late Friday.
NECA’s Look Ahead: Sen. Ron Johnson (R-WI) and Sen. Steve Daines (R-MT) have both been instrumental in weighing in with Senate leadership to change the rate to provide parity between the S- and C-corps. As the amendment process is starting in the Senate, NECA has also been working with Sen. Steve Daines (R-MT) and Sen. Lisa Murkowski (R-AK) to include our House-passed 529 expansion legislation in the Senate tax bill.
2. Late on November 29, 2017, Senator Steve Daines (R-MT) and Senator Lisa Murkowski (R-AK) introduced a NECA-supported amendment to the Senate version of the tax reform bill that would allow 529 savings plans to be used for ancillary costs associated with Department of Labor-approved apprenticeships. This amendment is identical to the one offered and included in the House tax bill, as reported earlier this month.
NECA’s Look Ahead: If the amendment is included in the Senate’s overall tax plan and that plan passes the House, the likelihood of this provision finding its way into law is significantly higher than if the proposal is only in the House bill. With that said, NECA has maintained consistent pressure on Senators to vote in favor of this amendment.
3. On November 29, 2017, Director Thomas Reeder of the Pension Benefit Guarantee Corporation (PBGC) participated in a hearing held by the House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions where he was met with strong questioning and concern regarding the dire state of the PBGC. With $65 billion in unfunded liability, the PBGC multi-employer program has a less than optimistic outlook on its ability to provide any relief to plans after the year 2025.
NECA’s Look Ahead:
NECA continues to work with the PBGC and the National Coordinating Committee for Multiemployer Pensions (NCCMP) to ensure the longevity of our pension plans. In addition, as pension reform gains traction on the Hill, we will maintain our efforts advocating for composite plans