[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/” button_text=”Do You Have 5 Minutes To Help Your Multi-Generational Business?” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_divider _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Content” _builder_version=”4.17.0″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Other members are urging conferees to include a provision that would provide relief for certain companies that use \u201clast in, first out\u201d (LIFO) accounting measures. Due to global supply chain issues, some companies that fail to maintain a certain amount of inventory, such as automakers, can be subject to recapture taxes. Rep. Dan Kildee (D-MI), a member of the House Ways and Means Committee, has pushed conferees to adopt his bill, the Supply Chain Disruptions Relief Act (H.R.7382), during negotiations. The bill has strong bipartisan support in both chambers and would provide a statutory determination that the requirements for a qualified liquidation under Section 473 have been satisfied for new motor vehicle dealers that have had a reduction of new vehicles held in LIFO inventory.<\/p>\n
Senate Preparing Retirement Legislation.\u00a0<\/strong>The House Ways and Means Committee and the House Education and Labor Committee have both advanced retirement legislation this Congress\u2014the Securing a Strong Retirement Act (\u201cSECURE 2.0,\u201d H.R.2954) and the Protecting America\u2019s Retirement Security Act (H.R.7310). The Ways and Means product, SECURE 2.0, passed the House in March 2022 with overwhelming bipartisan support, but the Education and Labor measure, the Protecting America\u2019s Retirement Security Act, only advanced along party lines out of committee in early April 2022.<\/p>\n On the Senate side, work on a potential retirement package continues. The Senate Health, Education, Labor and Pensions (HELP) Committee and Senate Finance Committee are expected to advance their own retirement packages.<\/p>\n Senate HELP Chair Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC) are crafting the retirement package they hope to move \u201clater this spring.\u201d Other committee members may attempt to have separate retirement legislation considered by the panel. Sens. Tim Scott (R-SC) and Jacky Rosen (D-NV), both of whom sit on the committee, introduced the Small Business Retirement Choices Act (S.4086) last week. That bill would amend existing law to allow small businesses to use retirement plan funds to pay expenses associated with retirement plan design changes.<\/p>\n Sen. Rob Portman (R-OH), who is crafting a retirement package with Sen. Ben Cardin (D-MD), said last week he expects the Senate Finance Committee to consider their legislation, the Retirement Security and Savings Act (S.1770), in May. However, Senate Finance Committee Chair Ron Wyden (D-OR) said earlier in the week that he plans to hold a markup on SECURE 2.0 after the current work period, which ends around Memorial Day.<\/p>\n With such strong bipartisan support, a final retirement package is currently expected to pass during the \u201clame-duck\u201d session, the period after the midterm elections and before the start of the next Congress.<\/p>\n Neal Outlines Appropriations Priorities.\u00a0<\/strong>Senate Appropriations Committee Chair Pat Leahy (D-VT) wants appropriators to reach a topline spending agreement \u201cin the next couple of weeks.\u201d His remarks came shortly after a meeting of top Democrats and Republicans on the House and Senate appropriations committees\u2014a meeting Leahy described as \u201cexcellent\u201d and one devoid of \u201cany political posturing from anybody in either party.\u201d At the same time, Leahy acknowledged that discussions remain in early stages. \u201cWhere\u2019s the top line? We\u2019re not there yet,\u201d he said. \u201cIt may be a while.\u201d<\/p>\n As government funding discussions continue, Rep. Richard Neal (D-MA), who chairs the House Ways and Means Committee, sent a letter last week to House Budget Committee Chair John Yarmuth (D-KY) outlining his top priorities for the spending package. Neal said he aims to ensure U.S. tax policy and administration \u201care fair for families and small businesses\u201d, strengthen retirement security, improve health care affordability and modernize U.S. infrastructure, among other things.<\/p>\n Diving deeper into the tax component of his budget priorities, Neal highlighted the importance of tax policy on wage levels, housing and health care markets, access to higher education and the cost of raising children. To address these issues, Neal said the committee will \u201cexamine policies that deliver more inclusive economic growth that supports and grows America\u2019s middle class.\u201d He said the committee will pursue \u201cworker-focused policies\u201d that \u201cwill include infrastructure investment, retirement savings, workforce development, access to higher education, and small business growth.\u201d<\/p>\n IRS Commissioner Charles Rettig testified\u00a0today<\/a>\u00a0before the Senate Appropriations Subcommittee on Financial Services and General Government.<\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Credit” _builder_version=”4.17.0″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/comms.bhfs.com\/rv\/ff0090240ed9cacd9bc45739bd4cb7e93dfc7b1f” link_option_url_new_window=”on” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/” button_text=”Have Your Voice Heard in Congress. Please Take Action Today!!!” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”FEUSA Statement” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” button_text=”Are you an FEUSA Member? If not, get in on the movement today!” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=3k9d1tFz5AU” _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act (COMPETES, H.R.4521) and the Senate-passed U.S. Innovation and Competition Act (USICA, S.1260) will soon officially begin its work. First, the Senate must vote on nearly 30 motions to instruct\u2014nonbinding instructions […]<\/p>\n","protected":false},"author":2,"featured_media":5247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[77,78,76,36],"tags":[],"class_list":["post-5245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-deficit","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5245"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5245\/revisions"}],"predecessor-version":[{"id":5252,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5245\/revisions\/5252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/5247"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Read the FULL “Bipartisan Innovation Act: More Tax Talk.” update and more from Brownstein Hyatt Farber Schreck.<\/strong><\/h3>\n
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