ԹϺ recently joined a group of business and non-profit stakeholders to support bipartisan legislation—introduced by Reps. Carol Miller (R-W.Va.) and Stephanie Murphy (D-Fla.) to extend the Employee Retention Tax Credit (ERTC) through the fourth quarter of 2021. The ERTC fourth quarter credit was canceled because it was used to help pay for the $1.2 trillion bipartisan infrastructure law, formerly called the Infrastructure Investment and Jobs Act. ԹϺ will work with the coalition to find senators to introduce companion legislation and explore legislative vehicles to pass an extension of ERTC in the first quarter of 2022.
The Biden Administration’s Commerce Department announced that it will double anti-dumping and countervailing duties on Canadian softwood lumber producers, from 8.99% to 17.99%. Earlier this year, Commerce said it planned to increase the tariffs to 18.32% but agreed to further study the issue after significant bipartisan pushback from Congress, which ԹϺ supported at the time.
Addresses Bipartisan Infrastructure Bill Provision
Apply by Wednesday, October 20, 2021!
On September 9, the House Committee on Ways and Means, which has jurisdiction over tax policy, began consideration of its share of President Biden’s American Families Plan. The final price tag of the overall legislation is still being negotiated by the House and Senate, as moderate Democrats, such as Senator Joe Manchin of West Virginia, are seeking to scale back the size and scope of the legislation. This will have significant bearing on how large the overall package of tax increases will be that the Ways and Means Committee will consider.
On June 22, ԹϺ along with over 100 other trade associations voiced their strong opposition to any attempts to roll back the 20 percent deduction for pass through businesses—S-corps, partnerships, limited liability companies—enacted in the Trump tax cuts under Section 199A of the federal tax code. Despite the opposition, Chairman Ron Wyden announced on July 20 that he would move forward with a bill to phase out Section 199A. ԹϺ will oppose this bill that will increase taxes on small business construction companies.
The Small Business Administration (SBA) intends to withdraw the “Loan Necessity Questionnaire” that has heavily burdened and delayed all applications for forgiveness of Paycheck Protection Program (PPP) loans of $2 million or more. ԹϺ sued SBA last December for developing the form entirely in secret, and without public input, and for using the form to change the de facto requirements for the forgiveness of such loans. During lawsuit settlement negotiations, ԹϺ learned of SBA’s decision to withdraw the questionnaire. Recently, ԹϺ has also received an exceptionally large number of reports about SBA approving these loans for forgiveness. This is excellent news for the thousands of ԹϺ members who accepted such loans in good faith in order to keep their people working.
Expands Renewable Energy & EV Tax Credits; Attaches Labor Requirements
Would Increase Taxes on Individuals, on Capital Gains & at Death