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EIW Today - March 21st, 2024

Prism Group's Daily Summary



SPENDING BILL DROPS WITH LITTLE TIME TO SPARE… At around 3:00am, House leaders unveiled their $1.2 trillion package that would fund roughly 70% of the federal government through September 30th. Lawmakers now have until the end of Friday to pass it.  

 

ERC REPAYMENT DEADLINE FAST APPROACHING... The Employee Retention Credit voluntary disclosure program, which lets employers who submitted improper claims repay 80 percent of the amount received while also avoiding penalties and interest, is set to expire on Friday. Some tax professionals say the looming deadline is spurring an influx of questions about the temporary program, likely the last chance for claimants to get out from under fraudulent or otherwise inaccurate claims (while still keeping a fifth of the proceeds).  

 

HOUSE EDUCATION & WORKFORCE COMMITTEE TO VOTE ON INDEPENDENT CONTRACTOR RESOLUTION... The House Education and the Workforce (E&W) Committee will markup and vote on the Congressional Review Act (CRA) Resolution that would overturn the recently implemented Independent Contractor (IC) Rule. Like the Joint Employer CRA, even if the resolution passes in the House and Senate, the President has threatened to veto – this resolution does not possess the 2/3 Congressional support needed to override a Presidential veto. The rule’s fate will likely be determined through the courts. 

 

10 SMALL BUSINESS TAX DEDUCTIONS WORTH KNOWING... As the tax season deadline approaches, the dread of completing the forms can make life truly hectic. Trying to figure out what you can account for can be arduous and confusing. Here are small business tax deductions worth knowing about. 

 

BIDEN ADMINISTRATION RELEASES UPDATED RULES ON ELECTRIC AND HYBRID VEHICLES... Standards released by the Environmental Protection Agency on March 20th alter 2023 guidelines which called for 67% of all passenger vehicles and small trucks sold in the United States to be electric by 2030. The new guidelines change this percentage to 56% and incorporate hybrid vehicles. Although it appears to be an overall decrease, the new regulations call for 13% of all passenger vehicles and small trucks to be hybrid, bringing the total number of to 69%. To adjust for the increase, the year has been extended from 2030 to 2032, providing the auto industry additional time to adjust.  


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Thirty-four state legislatures are in regular session.

 

WHAT WE'RE WATCHING: 


The Oregon Legislature has approved $171 million to support employment-related day care, addressing a shortfall and a wait list for almost 2,000 families. This approval was lauded by advocates, who believe it will allow parents to more feasibly work while children receive necessary childcare. 


The California Assembly passed exemptions from the state's new fast food labor law. The law mandates a minimum wage of $20 for fast food workers, but now exempts workers in certain locations like airports and hotels. 

 

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 Appropriations will hold a hearing TODAY, 3/21 at 2:30 PM on "Budget and Oversight Hearing: President’s Biden’s Fiscal Year 2025 Budget Request and Economic Outlook.” 

Committee on the Ways and Means will hold a hearing TODAY, 3/21 at 2:00 PM Joint Social Security and Work & Welfare subcommittee hearing with the Commissioner of Social Security, Martin O’ Malley.  

 

The Senate...  

Committee on Finance will hold a hearing TODAY, 3/21 at 10:00 AM on “The President’s Fiscal Year 2025 Health and Human Services Budget.” 

 

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 

The US Department of Labor issued a statement from Acting Secretary Julie Su on the Volkswagen Plant In Tennessee.  


The US Department of Labor issued a news release on the Department recovering Nearly $369k In Wages, Damages For 16 Workers Denied Overtime Pay By Prominent Oahu Restaurant.  


The U.S. Department of the Treasury 

The U.S. Department of the Treasury hosted a roundtable with insurance industry stakeholders on climate-related risks and U.S. insurance markets. 


The U.S. Department of Commerce 

The U.S. Department of Commerce announced preliminary terms with Intel to support investment in U.S. semiconductor technology leadership and create tens of thousands of jobs. 

 

The U.S. Trade Representative  

Check back Monday for possible updates. 

 

The U.S. Small Business Administration 

Check back Monday for possible updates. 

 

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