House Democrats passed the Senate-approved $740 billion reconciliation package, the Inflation Reduction Act, by a 220-207 strictly partisan vote on Aug. 12. Ahead of the House vote, ABC issued a key vote against House passage, highlighting a critical change from the Senate process—a Democrat-approved amendment, offered by Sen. Mark Warner, D-Va., that would extend limits on pass-through business losses that can be used to reduce other taxable income. This $52 billion tax increase on pass-through businesses is particularly harmful while the economy is struggling and an increasing number of businesses are suffering losses.
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Democrats’ Reconciliation Package Passes House, Will Be Signed Into Law
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ABC’s August Regulatory Roundup—Learn About the Latest Developments
ABC has prepared a summary of Biden administration regulatory actions of interest to ABC members by agency.
Council on Environmental Quality Proposes Expansive Changes to NEPA Permitting Rules
On July 31, the Council on Environmental Quality released a proposed rule to implement Phase 2 of revisions to the National Environmental Policy Act implementing regulations. The proposal makes wide-ranging changes to the rules for federal agencies conducting the...
ABC: State Construction Unemployment Rates Range From 0.4% to 7.5%
WASHINGTON, Aug. 2—The not seasonally adjusted national construction unemployment rate was 0.1% lower in June 2023 from a year ago, down from 3.7% to 3.6%. According to a state-by-state analysis of U.S. Bureau of Labor Statistics data released today by Associated...
ABC-Supported Legislation To Overturn the Northern Long-Eared Bat’s Endangered Species Listing Heads to President Biden’s Desk
On July 26, the U.S. House of Representatives passed S.J. Res. 24, a Congressional Review Act resolution on the Endangered Species Status for Northern Long-Eared Bat with a bipartisan vote of 220-209. The passage of S.J. Res. 24 would, if enacted, prevent the...
Smucker Introduces the ABC-Supported Main Street Tax Certainty Act
On July 18, Rep. Lloyd Smucker, R-Pa., introduced the Main Street Tax Certainty Act, H.R. 4721, legislation which would make permanent the current 20% deduction for small and family-owned businesses, provided through Section 199A of the Tax Cuts and Jobs Act of 2017....