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EIW Today - February 21st, 2024

Prism Group's Daily Summary



WERFEL OPENS UP ABOUT ERC... IRS Commissioner Danny Werfel fielded questions from House taxwriters on a range of topics last week – from his plans for implementing the $79 billion tax package currently stalled in the Senate, to the 1099-K reporting requirement, among many others. But perhaps most newsworthy was his post-hearing comment to reporters that the IRS aims to end a moratorium on new Employee Retention Credit claims by April or May. While the House-passed tax bill would cut off future ERC claims, the IRS says it is still receiving several thousands of claims, a number that would likely grow should the pause be lifted.  


USTR HEARING TODAY ON COUNTRIES THAT DENY IP PROTECTIONS... The USTR’s Special 301 Subcommittee, which is part of the larger Trade Policy Committee, will hold a hearing today from 10:00am – 2:30pm to review and assess which countries “adequately and effectively deny protection of intellectual property (IP) rights or fair and equitable market access to U.S. persons who rely on IP protection.” The hearing occurs annually and helps the USTR evaluate which countries should be placed on the Priority Watch List, Watch List, or labeled as a Priority Foreign Country in the next year’s “Special 301” Report.    


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Forty-three state legislatures are in regular session. Louisiana is in special session.

 

WHAT WE'RE WATCHING: 


Wisconsin Governor Tony Evers (D) has signed Senate Bill 367 into law, mandating the University of Wisconsin System to establish a guaranteed admission program for top-performing Wisconsin high school students. The program is part of an effort to retain the state's talent, mitigating Wisconsin workforce challenges. 

 

A new study has shown the need for Oregon to fill workforce gaps in its semiconductor industry, recommending enhanced collaboration between educational institutions, community organizations, and industry leaders. 

 

LAWMAKERS... IN OR OUT? 


The House... is out of session today. The full schedule may be found here. 

The Senate...  is out of session today. The full schedule may be found here. 


HAPPENING ON THE HILL 


The House...  

Committee on Financial Services Housing and Insurance Subcommittee will hold a field hearing Thursday, 2/22 at 10:00 AM on “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending.” 

 

The Senate...  

Check back tomorrow for possible updates. 

 

BILLS OF INTEREST 


  • Rep. Bryan Steil (R-WI-1) introduced a bill to regulate the business of offering and providing earned wage access services to consumers. 

  • Rep. Adrian Smith (R-NE-3) introduced a bill to amend part A of title IV of the Social Security Act to target funds to families in need. 

  • Rep. David Schweikert (R-AZ-1) introduced a bill to amend the Internal Revenue Code of 1986 to provide a deduction for certain newborn expenses. 

 

AT THE AGENCIES 


The US Department of Labor 

The US Department of Labor announced $20M in available funding to deliver information technology skills, training, job services to young people 

 

The US Department of the Treasury 

Check back tomorrow for possible updates. 

 

The US Department of Commerce 

The US Department of Commerce issued a release entitled “Creating an Equitable Economy for All Americans.” 

 

The US Trade Representative 

Check back tomorrow for possible updates. 

 

The US Small Business Administration 

The US Small Business Administration announced that the Small Business Administrator will kick off the Investing in America Tour in Detroit. 

 

Curious for more information? 

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