OVERNIGHT REGULATION: Panel to take up business expense bill
February 9, 2015
Welcome to OVERNIGHT REGULATION, your daily rundown of rules from Capitol Hill and beyond. It's Monday evening here in Washington and we're a bit depressed that Syracuse University has decided to pull its men's basketball team from any postseason play. March Madness just won't be the same. But Congress and the federal agencies are still at work, so here's the biggest news and the latest headlines.
THE BIG STORY
Small to medium size businesses might get the tax relief they've been hoping for.
The House Rules Committee is expected to discuss the America's Small Business Tax Relief Act of 2015 and if moved to the floor, a vote could come as early as Friday.
The bill, which aims to help small businesses grow, would increase the annual amount of capital investments that businesses can immediately deduct from their taxable income to $500,000. Last year, the deduction dropped to $25,000.
Deductible expenses include new equipment, computer software and property.
Rep. Pat Tiberi (R-Ohio) and Ron Kind (D-Wis.) reintroduced the bill last week.
"It would provide predictability for small business owners by making permanent a small business expensing measure that's been part of the tax code since the 1950s," Tiberi said in a news release.
"Employers have told me over and over that this measure reduces compliance costs for small businesses, reduces the cost of capital, and improves cash flow allowing them to invest, expand, and create jobs."
The National Federation of Independent Businesses estimates the business expense bill would create 200,000 jobs and increase economic output by as much as $18.6 billion.
"Employers in Wisconsin and across America need stability and predictability in their tax planning so they can make important budget and purchasing decisions," said Kind said in the release.
"This bipartisan legislation will help small businesses, family farms, and other employers by removing uncertainty in the tax code, so they can expand their operations and hire new workers."
ON TAP FOR TUESDAY
The Senate Finance Committee will hold a hearing to discuss how to get Congress to vote yes on tax reform legislation by discussion what lessons can be learned from the Tax Reform Act of 1986. http://1.usa.gov/16HV8qc
The Senate Banking, Housing and Urban Affairs Committee will hold a hearing to discuss regulatory relief for community banks and credit unions. http://1.usa.gov/1zQdZKm
The Senate Health, Education, Labor and Pensions Committee will hold a hearing to discuss the reemergence of vaccine-preventable diseases and how to tackle public health challenges. http://1.usa.gov/
The Treasury Department will hold a meeting to discuss evolving insurance issues related to ride-sharing companies like Uber and Lyft. http://1.usa.gov/16LJg72
The Federal Election Commission will hold a closed meeting to discuss compliance matters and internal personnel rules and practices.http://1.usa.gov/
TOMORROW'S REGS TODAY
The Obama administration will publish 206 new regulations, proposed rules, notices and other administrative actions in Tuesday's edition of the Federal Register.
Here's what to watch:
--The Department of State will issue new rules for international adoption service providers to protect the foreign children they are placing with new families.
The accreditation requirements will apply to more adoption agencies working in countries that were previously not covered by the rules, the State Department says.
The final rules go into effect immediately. http://bit.ly/
--The Department of Justice (DOJ) will issue new guidelines for bullet-proof vests worn by police officers.
The DOJ's National Institute of Justice (NIJ) is releasing new recommendations for the selection, procurement, use, care, and maintenance of ballistic-resistant body armor.
Meanwhile, the DOJ is also developing new guidelines for stab-resistant body armor. http://bit.ly/175wO2T
--The Environmental Protection Agency will issue new compliance requirements for factories producing certain hazardous emissions.
The EPA's compliance requirements will measure whether companies are following emissions standards for radionuclides.
"Some of these facilities handle significant amounts of radioactive material that could potentially be emitted into the air in various chemical and physical states," the agency writes. http://bit.ly/1zqgf7p
--The Department of Labor will delay new safety standards for miners.
The Labor Department's Mine Safety and Health Administration proposed new rules to protect miners last July, but will reopen the comment period.
The new rules include procedures for assessing civil penalties against mining companies that violate federal standards.
The public has until March 31 to comment. http://bit.ly/1Fr8wvo
--The Internal Revenue Service (IRS) will issue new tax rules.
The rules will apply to taxpayers applying for foreign tax credits, the agency says.
The rules go into effect immediately. http://bit.ly/
NEWS RIGHT NOW
Union elections: Republicans are employing the little-used Congressional Review Act to block one of the Obama administration's most controversial labor policies. http://bit.ly/
Jobs: A group of small businesses say they can create another 200,000 jobs if Congress were to give them a more favorable tax status. http://bit.ly/1CamnCN
Ethics probe: Embattled Rep. Aaron Schock (R-Ill.) is coming under fire from an ethics group over new allegations that he sold his home for more than it was worth to a campaign donor. http://bit.ly/1CMRQjN
Bullet-proof vests: The Department of Justice is issuing new guidelines for police officers wearing bullet-proof vests. http://bit.ly/1IG39ho
Internet rules: Senate Republicans are investigating what role the White House played in developing the net neutrality rules. http://bit.ly/1FqhZ6c
Butterflies: The Fish and Wildlife Service plans to spend $2 million to protect the declining population of monarch butterflies. http://bit.ly/
BY THE NUMBERS
3,100: The number of police officers saved by wearing bullet-proof vests, according to the International Association of Chiefs of Police.
1,800 to 2,300: The number of police officers assaulted with firearms each year, according to the FBI.
QUOTE OF THE DAY
"I think until now the monarch butterfly was always someone else's responsibility, but today joining with our two great partners we are saying it's up to all of us to conserve the monarch butterfly. So we're all going to say to America 'Get your milkweed,'" said National Fish and Wildlife Service Director Dan Ashe said in announcing a partnership with the National Wildlife Federation and the National Fish and Wildlife Foundation on Monday.
We'll work to stay on top of these and other stories throughout the week, so check The Hill's Regulation page (http://thehill.com/regulation
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