Today In Washington
November 1, 2017
Source: AEO Government Relations Team, Madison Services Group
Hold, Please: Tax Reform
Last night, House Ways & Means Committee Chair Kevin Brady (R-TX) announced that tax reform legislation will be introduced on Thursday. Scheduled to be released today, the announcement came after a day of intense negotiations with members of the Committee. The delay revolves around which deductions and provisions will be repealed to lower the cost of the plan, estimated at $5.5 trillion over 10 years. GOP members from high-tax states like New York and New Jersey are opposed to a repeal of the state and local tax (SALT) deduction. A proposal to lower caps on 401(k) contributions is also a point of contention, as is a potential phase-in of the 20% corporate tax rate. The FY 2018 Budget Resolution mandates that tax reform cannot add more than $1.5 trillion to the deficit over 10 years. Ways & Means members will negotiate through the day, and possibly into the evening, to meet Thursday’s deadline.
H.R. 4175, a bill “To Amend the Internal Revenue Code of 1986 to Allow a Credit Against Income Tax for Equity Investments in Small Business Concerns,” introduced by Representative Jason Smith (R-MO). Text for this bill is not yet available.
S. 2034, a bill “To Strengthen Resources for Entrepreneurs by Improving the SCORE Program,” introduced by Senator Jim Risch (R-ID). Text for this bill is not yet available.
Today @ 10 a.m.: House Financial Services Subcommittee on Oversight & Investigations - “Examining the Community Development Block Grant-Disaster Recovery Program.” 2128 Rayburn House Office Building.
Tomorrow @ 10 a.m.: House Small Business Committee - “Operating or Rulemaking? A Review of SBA’s Opaque Standard Operating Procedures Process.” 2360 Rayburn House Office Building.
Friday, November 3 @ 9:15 a.m.: House Financial Services Subcommittee on Capital Markets, Securities, & Investment. “Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital.” 2128 Rayburn House Office Building.
May 7, 2019
Industry News -
The Ultimate National Small Business Week 2019 Events Calendar : With so many events, promotions, and deals to be had, the Big List of National Small Business Week is designed to help you find what is taking place across the country.