agc issues committee federal tax update · federal tax update june 2015 brian j. lenihan director,...
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AGC FINANCIAL ISSUES COMMITTEE
FEDERAL TAX UPDATEJUNE 2015
Brian J. LenihanDirector, Tax, Fiscal Affairs, and AccountingAssociated General Contractors of America
202.547.4733 | [email protected]
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About the PresenterBrian is a lobbying professional with over 12 years of experience inWashington representing associations, clients, and members of Congress.As Director of Tax & Fiscal Affairs, Brian oversees the formulation andadvocacy of the industry’s positions on tax and accounting issues, inconsultation with AGC’s CFO and CPA membership, owners and seniorAGC staff.
Previously, as a senior aide for a member of the Ways & MeansCommittee, Brian formulated and executed the congressman’s legislativeagenda focusing on tax and health issues. Brian has represented a numberof clients before Congress, including Fortune ranked companies,municipalities, defense contractors, development authorities, privateenterprises, associations and non-profits.
Brian is a frequent speaker and panelist for tax meetings including AGC’sFinancial Issues Committee, the US Chamber of Commerce Insider’sSeries and National Federation of Independent Business.
AGC Financial Issues Committee Summer Meeting
AGC Financial Issues Committee Summer Meeting
Composition of the 114th Congress
Analysis• Republicans won a total of 247 seats in the House, their largest majority since 1928, when the party won 270• Finding moderate Dems will be key to passing any GOP priorities – i.e. Manchin (WV), Heitkamp (ND), Donnelly (IN), King (ME),
McCaskill (MO), Casey (PA), Warner (VA)
Democratic
Republican
Independent
Republicans Control Senate
Total SeatsDemocrats: 46Republicans: 54Independents: 2
44 54
2
Republicans Control House
AK
Total SeatsDemocrats: 188Republicans: 245
Vacancies: 2
188 247
1
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Senate Finance CommitteeProposed Committee MembersDynamics & Issues
Republicans (14)• Ranking Member:
Orrin Hatch (R-UT)• Chuck Grassley (R-IA)*• Mike Crapo (R-ID)*• Pat Roberts (R-KS) †• Mike Enzi (R-WY)† • John Cornyn (R-TX) † • John Thune (R-SD)*• Richard Burr (R-NC)*• Johnny Isakson (R-GA)*• Rob Portman (R-OH)*• Pat Toomey (R-PA)*• Dan Coats (R-IN) ‡• Dean Heller (R-NV)• Tim Scott (R-SC)*
Democrats (12)• Chairman:
Ron Wyden (R-OR)*• Chuck Schumer (D-NY)*• Debbie Stabenow (R-MI)• Maria Cantwell (D-WA)• Bill Nelson (D-FL)• Bob Menendez (D-NJ)• Tom Carper (D-DE)• Ben Cardin (D-MD)• Sherrod Brown (D-OH)• Michael Bennet (D-CO)*• Bob Casey (D-PA)• Mark Warner (D-VA) †
Dynamics: Orrin Hatch (R-UT) is chairman and Ron Wyden (D-OR) assumed ranking member role. Working Groups formed this year to propose recommendations (i.e. 2013 W&M groups)
Tax Reform and Inversions
• Chairman and committee staff have made it apparently clear that they intend to address tax inversions, however, comprehensive reform remains unlikely in the short term due to marginal rate parity concerns among entities
• Repatriation of foreign earnings to offset policy costs
• Addressing the perennial nature of “tax extenders” and making some provisions permanent
Highway Trust Fund
• The committee will negotiate the overall spending levels and the mechanism for funding the Highway Trust Fund (traditionally a gas tax) beyond July 2015
IRS Oversight
• The committee may ramp up investigations into the actions taken by the IRS processing of applications for 501(c)(4) tax-exemption status (Lerner emails) & recent data breaches by Russians (Get Transcript)
† Re-elected in 2014 ‡ Retiring after 2015 *Re-election in 2016
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House Ways and Means Committee
Committee Members for Next Congress
Ranking Member: Sandy Levin (D‐MI)
Charlie Rangel (D‐NY)Jim McDermott (D‐WA)John Lewis (D‐GA)Richard E. Neal (D‐MA)Xavier Becerra (D‐CA)Lloyd Doggett (D‐TX)Mike Thompson (D‐CA)John B. Larson (D‐CT)Earl Blumenauer (D‐OR)Ron Kind (D‐WI)Bill Pascrell (D‐NJ)Joseph Crowley (D‐NY)Danny Davis (D‐IL)Linda Sánchez (D‐CA)
Dynamics & IssuesDynamics: Chairman Paul Ryan (R‐WI) welcomed 4 new members as well as Rep. Dold (R‐IL) with the resignation of Rep. Aaron Schock (R‐IL). Trade is currently on front burner.
Health Entitlement Reform
• In April, Congress approved a new system to pay doctors
Trade Policy
• Chairman is promoting Congressional approval for executive Trade Promotion Authority (TPA) to pave a way for the Trans‐Pacific Partnership (TPP)
Highway Funding
• Chairman must reconcile with House authorizers and the Senate to come up with $8B or $100B for the HTF
Tax Extenders
• Congress must act on 55 expired provisions by Dec. 31• Committee has advanced 8 permanent measures
Entitlement Reform
• Chairman could move to reforming welfare‐to‐work programs if health reform messaging falls flat following Supreme Court decision on ObamaCare subsidies in June
Diane Black (R‐TN)Tom Reed (R‐NY)Todd Young (R‐IN)Mike Kelly (R‐PA)Jim Renacci (R‐OH)George Holding (R‐NC)Kristi Noem (R‐SD)Pat Meehan (R‐PA)Jason Smith (R‐MO)Bob Dold (R‐IL)
Republicans (24) Democrats (15)
Chairman: Paul Ryan (R‐WI)
Sam Johnson (R‐TX)Kevin Brady (R‐TX)Devin Nunes (R‐CA)Pat Tiberi (R‐OH)Dave Reichert (R‐WA)Charles Boustany (R‐LA)Peter Roskam (R‐IL)Tom Price (R‐GA)Vern Buchanan (R‐FL)Adrian Smith (R‐NE)Lynn Jenkins (R‐KS)Erik Paulsen (R‐MN)Kenny Marchant (R‐TX)
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Who's In The Driver’s Seat?• Politically Endangeredmore GOP seats held in 2016 that Obama won - Ayotte (NH), Portman (OH) Johnson (WI), Kirk (IL), Toomey (PA), Coats (IN), Burr (NC)
• Moderates 6 Senate Republicans up in 2016 and 6 Democrats in fickle 2018 seats
• Allies to get 60 votesManchin (WV), Heitkamp (ND), Donnelly (IN), King (ME),McCaskill (MO), Casey (PA), Warner (VA)
Of the 16 House Republicans who picked up seats, 11 of them represent districts President Obama carried in 2012.
• Conservative “Pests”25 House Republicans voted for an opponent to Speaker Boehner (221 – needs 217)
• 2016’ers – Paul (KY), Cruz (TX), Rubio (FL), Graham (SC), Portman (OH), Scott (SC)
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More Republicans Up in 2016 Senate Landscape10 Democrats Republicans 24
AK
OHWV
VA
PA
NY
ME
NC
SC
GA
TN
KY
IN
MI
WI
MN
IL
LATX
OK
ID
NV
OR
WA
CA
AZNM
CO
WY
MT ND
SD
IA
UT
FL
AR
MO
MS AL
NE
KS
VT
NH
MARICT
NJ
DE
MD
AK
FL: Sen. Marco Rubio (R) is notrunning for re-election to the Senate,
WI: Sen. Ron Johnson (R) is a relatively unknown quantity in his home state, and may be too conservative for a presidential-year electorate; Dems are hoping that former Sen. Russ Feingold (D) is interested in a rematch.
IL: Sen. Mark Kirk (R) won a close race against a scandal-plagued opponent in 2010 and faces a deep bench of potential Democratic opponents in a very blue state.
NH: Sen. Kelly Ayotte (R) is well-liked, but running in a blue state in a presidential year; Democrats are hoping popular Gov. Maggie Hassan (D) enters the race
NC: Sen. Richard Burr (R) is still relatively unknown after two terms in the Senate; Democrats are hoping for a comeback bid by former Sen. Kay Hagan (D).
NV: Sen. Harry Reid (D) is retiring;if popular gov. Brian Sandoval (R) enters the race, he may clear the deck on the GOP side..
AZ: Sen. John McCain (R) is running for re-election, he may face stiff primary competition; Democrats have a number of candidates, including Rep. Kyrsten Sinema & Rep. Ann Kirkpatrick.
PA: Sen. Pat Toomey (R) is likely too conservative for PA in a presidential year, but has worked to moderate his record, working with Democrats on gun control; currently, former Rep. Joe Sestak (D), who lost to Toomey in 2010 is only recruit.
CO: Sen. Michael Bennet (D) won a surprise victory for this seat in 2010, and is likely to have another tough race in 2016 against an energized Republican base still celebrating the defeat of Mark Udall in 2014; the GOP has a few recruits including AG Cynthia Coffman (R).
IN: Sen. Dan Coats was elected with 54.6% of the vote in 2010. Coats is not running for re-election in 2016.
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Pure Toss Up Races: FL – IL – NV - WI
2016 Presidential Field
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2016 Field is Flat
Former Secretary Hillary Clinton (NY)Former Governor Martin O'Malley (MD)Vice President Joe Biden (DE)Former Governor Lincoln Chafee (RI)US Senator Bernie Sanders (VT)Former US Senator Jim Webb (VA)
Former Governor Jeb Bush (FL)Governor Chris Christie (NJ)US Senator Ted Cruz (TX)Former Governor Jim Gilmore (VA)US Senator Lindsey Graham (SC)Former Governor Mike Huckabee (FL)Governor Bobby Jindal (LA)Governor John Kasich (OH)Carly Fiorina (CA)
Congressman Pete King (NY)Former Governor George Pataki (NY)US Senator Rand Paul (KY)Former Governor Rick Perry (TX)US Senator Marco Rubio (FL)Former US Senator Rick Santorum (PA)Donald Trump (NY)Governor Scott Walker (WI)Dr. Ben Carson (MD)
AGC Financial Issues Committee Summer Meeting
AGC Financial Issues Committee Summer Meeting
Timeline of Key Recent Federal Actions on Tax Reform
2012
American Taxpayer Relief Act of 2012A law which made a series of Bush administration tax cuts permanent, but increased tax rates on dividends, estate taxes, and payroll taxes; the bill also extended certain corporate tax breaks and certain tax breaks for lower‐income families.
Feb 2014
Tax Reform Act of 2014A comprehensive draft proposal for tax reform which was released by then‐House Ways and Means Committee Chair, Rep. Dave Camp (R‐MI); the bill would have lowered corporate and individual tax rates and simplified the tax code, but faced wide opposition and was only ceremonially put to the floor at the end of December of 2014.
Sep 2014
Treasury Actions on InversionSecretary Jack Lew put forward a series of measures designed to reduce benefits of tax inversions, including blocking inverted companies from transferring assets to parent companies and accessing foreign earnings.
Jan 2015
Senate Finance Committee Tax Working GroupsThe Finance committee created a series of ‘working groups’ on different issue areas to create proposals for tax reform in the 114thCongress.
Analysis• Though there were originally proposals to use FY2016 budgetary reconciliation authority to address comprehensive tax reform, the
joint budget resolution tied reconciliation language to repeal of the Affordable Care Act• Plans for more modest tax reform are likely to be tied to renewal of the Highway Trust Fund as a way to fund the program, which is set
to expire in July; the Senate Finance Committee’s working groups are attempting to quickly develop bipartisan proposals to attach to the HTF renewal (through years’ end or multi-year)
• Comprehensive tax reform is unlikely in a short window prior to 2016 elections; the most likely scenario for reform is likely to be another repatriation holiday or other international tax reforms
Summer 2015
Tax Committee ActionThe Finance Working Groups missed a May deadline and have until the end of June to come up with reform recommendations.
W&M working to find billions for a short‐ or long‐term HTF package; and may include expired business tax provisions.
International tax provisions are epicenter of debate to keep domestic competitiveness.
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Source: National Journal Research, 2014.
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June
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27 28 29 30Sept
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r 1 2 3
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25 26 27 28 29 30 31O
ctob
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29 30Nov
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27 28 29 30 31
Dec
embe
r
Senate scheduled to be in session
House & Senate scheduled to be in session
Highway Trust Fund expires
FY 2016 Begins
June-July: Budget Reconciliation for Health Reforms
Reagan Library GOP Debate
Key Dates for 2015
SCOTUS Decision:King vs Burwell
Aug 6: Fox News GOP Debate
Nevada GOP Debate
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Tax Extenders Must be Renewed Retroactively
Pope Visits DC
AGC Financial Issues Committee Summer Meeting
Extenders & Other Industry PrioritiesThe construction industry and its customers advocate for the
renewal, expansion and permanency for the following:
1. Increase the Section 179 maximum deduction limit to $500,000 and $2 million phase-out2. 50 percent bonus depreciation for qualified property3. 15-year straight-line cost recovery for qualified leasehold improvements4. Reduced 5-year holding period for S-corporation recognition for built-in gains tax5. New Markets Tax Credit (NMTC)6. Work Opportunity Tax Credit (WOTC) – including qualified veterans7. Research and Development (R&D) tax credit8. Renewable energy production and investment tax credits (PTC) 9. Energy efficient commercial buildings deduction under Section 179D
• Lifting the volume cap on Private Activity Bonds (PABs) for water infrastructure and expand the usage of PABs for government buildings and social infrastructure
• The Multiemployer Pension Reform Act of 2014 (MPRA) included provisions on benefit suspensions for deeply troubled plans, tools for plan partitions, additional technical changes and a doubling of the PBGC insurance premium. In 2015 AGC hopes to advance the final component of MEP reform, the creation of a “composite plan” model that is essentially a hybrid plan between a DC and DB plan.
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AGC ResponsesApril 2015Submit comments to SFC Working Groups for Business, Infrastructure, and Savings highlighting:
• Modification of the Depreciation System• Tangible Property Regulations• Business Expensing• Accounting Methods• Repeal of Section 1031 like-kind exchanges• Energy Efficiency Provision•Workforce Development• Community Renewal• Transportation Trust Fund• Multiemployer Pension Plans
17
AGC Financial Issues Committee Summer Meeting
Summer 2015AGC expects to provide testimony for any anticipated infrastructure or tax related hearings
AGC expects to submit comment letters regarding the extension of expired policies in the Fall
AGC Tax Policy Principles
18
• Economic growth should be the goal of tax reform
• Tax policy should not pick winners and losers
• Higher taxes should be supported if the money collected is dedicated to public works projects
• Clarity, simplicity and certainty should be the goals of tax reform
• Dollar thresholds should be indexed to avoid stealth tax increases
• A three-year phase-in of tax policy would be preferable to deal with long term contracts
• Lower rates are preferable to more deductions, and limits on deductions should be looked at if
they accompany rate cuts. Of the deductions, it was determined that accelerated depreciation
was an extremely important policy for the industry
• A gross receipts tax or value added tax would be bad for the construction industry
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Construction Industry Tax Priorities
AGCTaxPolicy
EliminatesUnfair
policy
ReducesTax
Liability
(effectiverate)
Reduces
Complexity
Reduces
ComplianceCosts
GoodTaxPolicy
Certainty
(+inflation)
Unique
Importanceto
industry
Generates
Econom
icGrowth
RepealcorporateandindividualAlternativeMinimumTax– RepealtheAlternativeMinimumTax(AMT)forC‐corporationsandS‐corporations(pass‐throughs)inordertoprovidecapitalneededforbusinessestogrowandinvestintheircompaniesandprojects.
Percentage‐of‐CompletionAccounting– ThethresholdatwhichthePercentage‐of‐Completionmethodofaccountingisrequiredshouldbeincreasedto$40mindexedforinflationsinceinceptionandshouldbeexemptfromAMTcalculations.
EstateTaxes – Preserve“stepped‐upbasis”forassetstoallowafairmarketvaluetransferofappreciatedproperty. Meanwhile,the2012ATRApackageincludedsomeestatetaxreliefprovisions(40%rate&$5mexemptionindexedtoinflation). EliminateLookbackAccounting–Section460requiresconstructioncontractorstofileamendedtaxreturns. Attheendofaproject,thecontractormustgobacktoeachyear’staxstatementandrecalculate,replacingestimateswithactualfigures,priortaxableincomefigures.Intheend,thesametaxispaid,butthousandsofdollarsarespentoncalculations.EventheIRSisencounteringdifficultyauditinglookback.
HaltTaxationofIncomeWhileInDispute–Businessesreportingusingthepercentage‐of‐completionaccountingmethodforlong‐termcontractsshouldberequiredtoincludeinthecontractamountonlyitemsforwhichthe“alleventstest”hasbeenmet.Theconstructionindustryistheonlyindustrythathasbeensingledoutwithtaxationpriortoaneconomictransferofvalue.
EmployeeMisclassification– OpposeunnecessaryadministrativeburdensandrecordkeepingrequirementsforemployersandclarifythedefinitiontopreservelegitimateIndependentContractorrelationships.
DomesticProductionActivitiesDeduction– PreserveSection199deductionfortheconstructionindustry. BonusDepreciationandCapitalExpendituresWrite‐OffLevels– Expandandmakepermanentbonusdepreciationandenhancedcapitalexpenditureswrite‐offstoincentivizecapitalinvestmentsandnewandusedequipmentpurchases(Section179).
ShortenedCostRecoveryPeriodforLeaseholdImprovements–Make15‐yearshortenedcostrecoverypermanenttoprovideanimportantincentiveforcapitalimprovementstotheseproperties.
AGC Financial Issues Committee Summer Meeting
Construction Industry Tax Priorities
AGCTaxPolicy
EliminatesUnfair
policy
ReducesTax
Liability
(effectiverate)
Reduces
Complexity
Reduces
ComplianceCosts
GoodTaxPolicy
Certainty
(+inflation)
Unique
Importanceto
industry
GeneratesEconomic
Grow
th
Section1031 – Maintaincurrentdeferraloftaxableincomeonlike‐kindexchangesofrealproperty suchasheavyconstructionequipmentandtruckfleets.
PerDiemAllowances– AllowthefulldeductibilityofPerDiemAllowancesintheconstructionindustry.
TaxRateOverhaul– Retainpermanentmarginal,capitalgains,anddividendsratereductions.
5‐yearbuilt‐ingainrecognitionperiod– SupportthereductioninS‐corporationrecognitionperiodforbuilt‐ingains(BIG)tax.TheTaxIncreasePreventionActof2014retroactivelyextendedthrough2014thetemporaryfive‐yearrecognitionperiodforbuilt‐ingains.TheBIGrecognitionperiodrevertsto10yearsin2015.
TaxExemptFinancing–Preservethepreferabletaxtreatmentofdebtusedtofinancepublicinfrastructure.
InfrastructureFinancing – Extendandexpandopportunitiesforconstructioncompaniestoharnesstheleverageofuniquefinancingoptions.CreateanadditionaltypeofexemptfacilityPrivateActivityBonds(PAB)forpublicbuildingconstruction andwaterprojectsthatallowsprivateinvestmenttobecombinedwithtax‐exemptfinancinginadesign‐build‐finance‐maintaindeliverymodel
CommercialBuildingEnergyEfficiencyTaxDeduction– Increasedeductionandconvertitintoataxcredittoprovideasignificantfinancialincentiveforallpropertyownerstoimprovetheenergyefficiencyofcommercialbuildingsandensurethat179Ddoesnotgetchargedtothecontractordoingthework
NetOperatingLossCarryback– CreatepermanenttaxpolicyonNOLCarrybackthatallowsa5‐yearcarrybackanda15‐yearcarryforwardforallbusinessestoallowcash‐strappedbusinessestoconvertfuturetaxbenefitsintocashtoday.
AGC Financial Issues Committee Summer Meeting
Construction Industry Tax Priorities
AGCTaxPolicy
EliminatesUnfair
policy
ReducesTaxLiability
(effectiverate)
ReducesComplexity
ReducesCompliance
Costs
GoodTaxPolicy
Certainty(+inflation)
UniqueImportanceto
industry
GeneratesEconomic
Grow
th
WorkOpportunityTaxCredit(WOTC)– Extendandexpandprovisionsthataideemployersinhiringveterans,individualsreceivingdisabilityrehabilitation,andresidentsofempowermentzonesorruralrenewalcounties.
Research&DevelopmentTaxCredit(R&D)– Extendthecreditforconstructioncompaniesthathaveanincreasingresponsibilitytoinnovateproductsandprocessesinordertosecuresuccessfulbidsonprojects.
NewMarketsTaxCredit– Extend theNMTCprogramunderSection45Dwhichwasestablishedin2000tospurneworincreasedinvestmentsintooperatingbusinessesandrealestateprojectslocatedinlow‐incomecommunities.Manyoftheprojectsfundedthroughtheprograminvolvemajor,mixed‐useurbanredevelopment.
CarriedInterest– Rejecteffortstoincreasetaxthatwouldundercuttheeconomicincentivetobuildprojectsanddriveawayinvestmentsfromthecommercialrealestatesector.Mosteffortsidentifiedhavecastabroadnetandwilllikelyhaveasignificantimpactonequitytransferincloselyheldconstructioncompanies.
AlternativeEnergy– Extendalternativeenergytaxproductiontaxcredits(e.g.WindPTC).
RetirementSecurity– ReformtheSocialSecuritysystem;preserveavailabletaxpreferredretirementsavingsvehicles;andprovidealternativesavingsvehiclestoensurestableretirementforallgenerationsofworkers.
AGC Financial Issues Committee Summer Meeting
ARE YOU READY FOR TAX REFORM IN 2017?
AGC Financial Issues Committee Summer Meeting
Momentum on tax reform
State of the Union
Corporate coalitions reengage to advocate for tax code overhaul
Congressional Summer Recess
Highway Trust Fund expires
IA Caucus & NH Primary
GOP primary debates
Momentum for Tax Policy
POTUS Candidates Begin to Declare
FY15 Tax Extenders Addressed
GOP Reconciliation Instructions
AGC Financial Issues Committee Summer Meeting
AGENDA OUTLOOKThe fact that Congress waited to act until late last year on the more than 55 expired tax provisions
signifies the inability to compromise – that animosity will carry over into this December
Chairman Ryan, speaking at The Wall Street Journal’s CEO Council annual meeting, said Republicans would spend the next two years working to build a GOP platform to sell to voters in the 2016 presidential election and would pursue broader changes to a variety of programs if they win the White House
Congress could address repatriating $2 trillion in corporate profits parked offshore with a special low rate. That would result in a one-time windfall of about $150-170 billion in corporate tax revenue. But then Republicans almost certainly would fall into familiar arguments about how to spend the money
Comprehensive vs. “business-only” tax reform was at the top of the list for many government leaders, Chairman Ryan does not want to close the line of communication with the White House – AGC advanced on its position that pass-through entities could not pay for a lower C-corp rate
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Short-term• Hatch is following Ryan’s lead – Ryan is regrouping after lobbying by pass-throughs for parity
• Sen. Portman (OH) & Rep. Boustany (LA) have plans for retooling international provisions
• “Business only” equivalency rate is a fledgling concept – but White House won’t play ball on individual rates (Administration wants corporate only w/ infrastructure financing via repatriation)
• Tax extenders permanency may get fleeting debate on being attached to a Highway Bill but will likely wait again until Christmas 2015 to be retroactively reinstated
Long-term• Lack of White House strategy about what to do with GOP Congress toward some middle ground on taxes and fiscal issues will persist through 2016
• Tax Extenders for FY15 approved in Dec. 2015
• Presidential Hopefuls will have broad platforms on tax reforms – congressional tax-writers will try to fill gaps to address ongoing concerns (inversions, trust funds, avoidance, administration)
AGENDA OUTLOOK
AGC Financial Issues Committee Summer Meeting
AGC Financial Issues Committee Summer Meeting
Questions & Comments
AGC Financial Issues Committee Summer Meeting
Other Fiscal Issues
LARGER PICTURE for 2015 – SPECTRUM OF REVENUE RELATED
• SGR – Doctor Payment Rates (current rates extended until April 1, 2015)• Debt Limit Extension ($17 trillion – Treasury’s extraordinary measures through Nov. )• GOP Budget – “Reconciliation” (June-July)• Highway Trust Fund (funding available through July 31, 2015)• FAA Reauthorization (expires in FY2015)• Tax Extenders (retroactive renewal by end of Dec. 2015)• Tax Reform (TBD) – corporate-only rates off the table – but AGC vigilant on
international provisions in scope of funding HTF and not disproportionally affecting GCs
AGC Financial Issues Committee Summer Meeting
• Trade agenda• Highway Reauthorization• Health Care Reform/Replace• FAA Reauthorization • Repeal of Medical Device Tax• Physician Reimbursement (SGR)• NSA – USA Freedom Act• Keystone XL Pipeline• Immigration Reform• Unemployment Insurance
Congressional Agenda
• Pension Reform• Education Reforms – NCLB/Perkins• Debt Ceiling• Export-Import Bank• Iranian Nuclear Negotiations• FY16 Appropriations• Sequestration/Continuing Resolution• Housing Finance Reform• Minimum Wage
• GOP House has opposition from outliers and GOP Senate can not reach a supermajority • New GOP majorities mean reforms to large bills that may see Presidential vetoes• Can significant negotiations between the Legislative & Executive occur before 2016 ramps up?
AGC Financial Issues Committee Summer Meeting