EIW Today - April 10th, 2024

Prism Group's Daily Summary

HOUSE PASSES WORKFORCE DEVELOPMENT REAUTHORIZATION… Yesterday, the House passed H.R. 6655 A Stronger Workforce for America Act (ASWA), which reauthorizes the Workforce Innovation and Opportunity Act (WIOA). With a large bipartisan majority, ASWA passed on a 378-26 vote and now heads to the Senate for consideration. Both HELP Chair Bernie Sanders (I-VT) and Ranking Member Bill Cassidy (R-LA) are actively negotiating on the Senate’s version of WIOA reauthorization with aspirations to mark up the bill before Memorial Day.

INCREASING TRANSPACIFIC TECH INVESTMENTS KEY TO STRONG JAPAN – U.S. ALLIANCE... Japanese Prime Minister Fumio Kishida began his brief visit to Washington, D.C. on Tuesday, April 9th. As emphasized by the Prime Minister in yesterday's meeting with President Joe Biden, increased mutual investment into quantum computing, semiconductors, biotechnology, and artificial intelligence should be the path forward towards a stronger transpacific economic partnership between Japan and the United States.

THOSE MARCH MADNESS WINNINGS ARE TAXABLE... For those with successful NCAA brackets, the IRS would like to remind you to report your winnings on Form W-2G. IRS.gov has a handy tool to help determine how to claim your gambling winnings, among other helpful resources.

TAX CHANGES SMALL BUSINESS OWNERS SHOUJLD BE AWARE OF AS THE TAX DEADLINE LOOMS... April 15th is right around the corner. This is the annual tax deadline for many small businesses. HERE are five tax changes of which small business owners should be aware.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Thirty-two state legislatures are in regular session.

WHAT WE'RE WATCHING:

As states across the US introduce different artificial intelligence regulations, businesses face increasing uncertainty and challenges in navigating the diverse legal landscape. The variance in state laws, from Utah's disclosure requirements to Connecticut's proposed "high risk" AI system limitations, highlights the lack of cohesive federal oversight in the rapidly evolving field of AI.

Utah's tech sector, once a booming industry, has seen its growth stall in recent years, despite the state boasting one of the largest tech worker concentrations in the US. While the sector is predicted to rebound with up to a 5% growth this year, recent job losses and economic pressures make the volatility of the industry clear.

LAWMAKERS... IN OR OUT?

The House... convenes today at 10:00 AM ET. The full schedule may be found here.

The Senate... convenes today at 10:00 AM ET. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Committee on Small Business will hold a hearing TODAY, 4/10 at 10:00 AM on "Tax Day: Exploring the Adverse Effects of High Taxes and a Complex Tax Code.”

Committee on Financial Services will hold a hearing TODAY, 4/10 at 10:00 AM on “Beyond Scope: How the SEC’s Climate Rule Threatens American Markets."

Committee on Ways and Means will hold a hearing Thursday, 4/11 at 2:00 PM on “Expanding on the Success of the 2017 Tax Relief to Help Hardworking Americans.”

Committee on Energy & Commerce will hold a hearing TODAY, 4/10 at 10:00 AM on “Legislative Proposals to Support Patient Access to Telehealth Services.”

The Senate...

Committee on Small Business & Entrepreneurship will hold a hearing TODAY, 4/10 at 2:30 PM on “The Role of Child Care Small Businesses in Supporting Parents and the American Workforce.”

BILLS OF INTEREST

Rep. Emilia Strong Sykes (D-OH-13) introduced a bill to amend the Internal Revenue Code of 1986 to establish a new tax credit and grant program to stimulate investment and healthy nutrition options in food deserts.
Rep. Brad Sherman (D-CA-32) introduced a bill to prohibit the purchase of certain securities from covered entities.
Rep. Seth Magaziner (D-RI-2) introduced a bill to require employers to provide paid annual leave to employees.

AT THE AGENCIES

The U.S. Department of Labor