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From the category archives: Legislation
Legislation
On Jan. 18, the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance implementing the new qualified business income deduction (also known as the section 199A deduction). The new 20 percent deduction for pass-through entities was created by the ABC-supported Tax Cuts and Jobs Act.
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On Dec. 22, 2018, at the end of the 115th Congress, President Trump signed The FIRST STEP Act, a bipartisan criminal justice reform bill that aims to reduce recidivism rates by improving educational opportunities for federal inmates and implementing modest sentencing reforms.
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Over the last month, the U.S. Department of Treasury and Internal Revenue Service have issued several proposed rules that provide guidance and implement changes to the tax code under the Tax Cuts and Jobs Act. Signed into law nearly a year ago, the historic tax reform bill included several key provisions that affect the construction industry, and the recently issued proposals provide critical information for construction employers on how to comply with the law.
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While some races have yet to be decided, the American electorate voted for Democrats to take the House majority while increasing the Senate majority held by Republicans. The number of seats controlled by Democrats in the House of Representatives is projected to be around 230 seats, with Republicans holding around 206 seats, giving Democrats a majority of approximately 24 seats.
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Last week, ABC government affairs staff traveled to the Grand Canyon state to visit members of the Arizona Builders Alliance. They visited 140 ABA member companies in the Tucson and Phoenix areas, delivering important “get-out-the-vote” information and industry-specific election materials, including the ABC Votes and We Build America websites.
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On Oct. 10, the U.S. Senate approved the America’s Water Infrastructure Act, a waterways infrastructure bill that requires reauthorization every two years, with a bipartisan 99-1 vote. The House passed the bill earlier this year, and the president is expected to sign it into law this week. The legislation authorizes at least $9 billion for critical water infrastructure projects across America, including flood protection and drinking water improvement projects.
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Larry Lopez, president and chief executive officer of Green JobWorks, Baltimore, and chairman of ABC’s Diversity Committee, testified today before the U.S. House of Representatives Subcommittee on Economic Growth, Tax and Capital Access on how recent economic growth is positively impacting local communities. Lopez outlined how small businesses—which account for the majority of U.S. construction firms—are benefiting because of the Tax Cuts and Jobs Act and other pro-business policies implemented by Congress and the Trump administration.
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On Sept.13, ABC sent a letter to the chairman of the House Ways and Means Committee to voice support for Tax Reform 2.0 legislation, which would build on the successes of the Tax Cuts and Jobs Act by providing permanency to the nation’s tax code and certainty for ABC member companies and their employees. The committee passed the bill on a party-line vote of 21-15, and it is expected to receive a vote on the House floor later this month.
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The U.S. Department of Labor will recognize employer efforts to recruit, employ and retain veterans through the HIRE Vets Medallion Award Program in 2019. Under the program, established under the HIRE Vets Act of 2017, the DOL will begin accepting award applications from small, medium and large employers in January. Check out the hirevets.gov website for information on the timeline, and application fees and criteria for eligibility.
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Missouri voters overturned the state’s Right to Work law—on the ballot as Proposition A—during a special election yesterday. The law, which was passed by the Republication-controlled legislature and signed into law by then-Gov. Eric Greitens in February 2017, was scheduled to go into effect Aug. 28, 2017. However, labor groups quickly gathered 310,000 signatures to block the law and place it on the ballot for a public referendum vote Aug. 7, 2018.
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