Construction Legislative Week in Review
www.agc.org April 27, 2017
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On the Inside
TRANSPORTATION
House Members are Pushing for a Highway Trust Fund Fix as Part of Tax Reform
TAX
A Look at Tax Reform Proposals through the AGC Lens
AGC EVENTS
How You Can Get Involved in Infrastructure Week
TCC Fly-In April 27 Hotel Deadline Approaches
Register for the AGC Financial Issues Summer Meeting
TRANSPORTATION
House Members are Pushing for a Highway Trust Fund Fix as Part of Tax Reform
Tell your Rep. to Sign Bipartisan Letter to Support a Long-Term Highway Trust Fund Fix
 

As the push continues for Congress to fix the Highway Trust Fund, a bipartisan group of members of the House of Representatives are circulating a letter calling for a permanent Highway Trust Fund fix to be included in any tax reform package. If you recall, Representatives Graves and Holmes-Norton circulated a similar letter last year (check here to see if your Rep. signed the 2016 letter) that was signed by 130 bipartisan members of the House. Help us to significantly increase that number by contacting your Representative and asking them to sign on to the Graves/Holmes-Norton letter. 

The FAST ACT provides funding certainty for the Highway Trust Fund through fiscal year 2020.  However, following the FAST Act's expiration, the Highway Trust Fund will face cuts of approximately $18 billion per year.  A permanent fix for the Highway Trust Fund needs to be found in order to eliminate these cuts. 

The letter – which is being circulated by Transportation & Infrastructure Subcommittee on Highways and Transit Chairman Sam Graves (R-Mo.) and Ranking Democrat Eleanor Holmes Norton (District of Columbia) – is asking House Ways & Means Committee Chairman Kevin Brady (R-Texas) and Ranking Democrat Richard Neal (Mass.) to fix the Highway Trust Fund in any tax reform package that the committee considers.

For more information, contact Sean O’Neill at oneills@agc.org or (202) 547-8892. Return to Top

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TAX
A Look at Tax Reform Proposals through the AGC Lens
 

This week, President Trump released his long-awaited proposal to cut taxes. Both Trump’s proposal and the previously-released House blueprint for tax reform have commonalities with AGC’s goals for tax reform.  There is still a long way to go before tax reform is reality, but AGC believes Republicans in Congress and the President are at a good starting point.

AGC goals include: lower rates, simplification, permanency, fund and finance infrastructure, eliminate AMT, eliminate Death Tax, and reform C-corps and pass-through companies simultaneously. 

The chart below shows where the president’s planand the House proposal align with AGC’s goals (and where they do not).

AGC Tax Reform Goals

Trump Plan Elements

House Tax Plan Outline

Lower Rates Individuals

10-25-35%

12-25-33%

Lower Rates Corporations

15%

20% C Corps, 25% S Corps

Simplification

Fewer brackets, fewer deductions, repeal of AMT

Fewer brackets, fewer deductions, repeal of AMT

Permanency

No

Likely not


Fund and Finance Infrastructure

No direct mention

No mention and GOP leadership currently opposed


Eliminate AMT

Eliminated

Eliminated

Eliminate Death Tax

Eliminated

Eliminated

Reform for C Corps and S Corps simultaneously

Yes

Yes

 

Rate reduction is baked in and simplification is a focus of all proposals on the table today. However, there is still much work to be done on ensuring Congress connects tax reform with infrastructure investment. Fixing the Highway Trust Fund and providing funding for infrastructure in conjunction with tax reform is the main focus of the Transportation Construction Coalition Fly-In, May 16-17, 2017.

Additionally, there is still a lot of fine tuning that must be worked out including, determining whether repeal of the Death Tax will include a step-up in basis or how the president’s plan will differentiate between business income and wages. The president’s plan also did not specify his position on tax exempt municipal debt. Stay tuned.

For more information, contact Jeff Shoaf at shoafj@agc.org or (202) 547-3350. Return to Top

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AGC EVENTS
How You Can Get Involved in Infrastructure Week
 

AGC of America is once again one helping to support and promote Infrastructure Week – a national week of education and advocacy that brings together American businesses, workers, elected leaders, and everyday citizens around the message: #TimeToBuild.  During the week – May 15-19, 2017 – advocates around the country will highlight the state of our nation’s infrastructure and encourage lawmakers to invest in and modernize our roads, bridges, highways, airports, waterways, ports, and water systems.

AGC of America will be engaged in a social media campaign during the week to help educate the broader public and Congress about the many benefits of investing in our aging infrastructure.  In addition, all AGC chapters and member firms can sign up to become Affiliates of Infrastructure Week.  All Affiliates have access to a number of downloadable resources, including suggested social media content, template press release, template op-ed/blog post and a message guide.  In addition, there are already a number of activities taking place in cities around the country during Infrastructure Week. Please feel free to reach out to the groups organizing those events to participate.

For more information, contact Sean O’Neill at oneills@agc.org or (202) 547-8892. Return to Top

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TCC Fly-In April 27 Hotel Deadline Approaches
 

Join us for the annual TCC Fly-In, held at the Capitol Hill Hyatt, May 17-18. In addition to the Fly-In, AGC has also planned a pre-Fly-In workshop on Elements of a Successful State Funding Campaign. To register please visit the AGC website

For more information, contact Brian Deery atdeeryb@agc.org or (703) 837-5319. Return to Top

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Register for the AGC Financial Issues Summer Meeting
June 27-29 | Minneapolis, Minn.
 

The AGC Financial Issues Committee (FIC) Summer Meeting will be held June 27-28, 2017, Loews Minneapolis. Visit the meeting site to register TODAY & book your stay! With tax reform moving front and center, and the IRS is seeking comments on FASBs Revenue Recognition standard – discussions with the featured speakers including senior tax-writer Congressman Erik Paulsen (R-MN) invited, AGC Chief Economist Ken Simonson, andFASB staff will be critical.

For more information, contact Jeff Shoaf at shoafj@agc.org or (202) 547-3350. Return to Top

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