Prism Group's Daily Summary
LACK OF HARD DEADLINE COULD IMPERIL TAX BILL... The Ways and Means Committee’s chief tax counsel recently told reporters that the IRS is able to implement the retroactive relief for businesses and individuals included in the House-passed H.R. 7024, even if it is signed into law after the end of the current filing season. While that may sound like good news given the bill remains stalled in the Senate, Congress often works best when faced with a “drop-dead date,” and the absence of one here may ultimately prove to be a hinderance.
REPORT HIGHLIGHTS IMPACT OF MASSIVE APPRENTICESHIP OVERHAUL... A new report from Apprenticeship For America, coauthored by Prism Group, was released exploring the opportunities and challenges presented in the Department of Labor’s (DOL) National Apprenticeship System Enhancements proposed rule. Overall, in its current form, some portions of the proposed rule could deter employers from utilizing apprenticeships due to significant reporting and compliance mandates. Other than those portions that must be eliminated for the system to be successful, the proposed rule’s system modernization aspects are welcomed as the National Apprenticeship Act (NAA), that gives DOL full authority over Apprenticeship laws, has not been reauthorized since 1937.
JUDGE STRIKES DOWN LAW REQUIRING CORPORATE-OWNERSHIP DISCLOSURE... The National Small Business Association, a small business advocacy group, filed a lawsuit against the U.S. Treasury Department and its leaders in the U.S. District Court for the Northern District of Alabama in 2022, seeking to block the CTA. The Corporate Transparency Act has been deemed unconstitutional by a US District court judge in Alabama, putting the future of the bipartisan money laundering law, passed in 2021, in limbo for its future.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-one state legislatures are in regular session.
WHAT WE'RE WATCHING:
Ohio introduced the Ohio Career Navigator, a new online platform to guide residents towards personalized education and career paths via survey. The program was announced by Lt. Governor Jon Husted (R) as a way to provide resources for career preparation and advancement.
While the Florida public sector faces vacancies and a lack of worker morale, the Florida Legislature plans to implement a 3% pay raise for 96,863 state employees. The raise is part of a $116 billion budget proposal sent to Governor Ron DeSantis (R), marking the third consecutive year of wage increases for Florida’s workforce.
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, 3/06 at 10:00 AM on “Reducing Mismanagement: GAO Recommendations for Improving the SBA.”
Committee on Small Business will hold a hearing Tomorrow, 3/07 at 10:00 AM on “The Rare Earth Mineral Marketplace: Examining the Small Business Role in this Critical Supply Chain.”
Committee on Small Business will hold a hearing next Tuesday, 3/12 at 10:00 AM on “Navigating Regulations: Alternative Pathways to Investing in Small Businesses.”
Committee on Agriculture will hold a hearing TODAY, 3/06 at 10:00 AM “For the Purpose of Receiving Testimony from The Honorable Rostin Behnam, Chairman, Commodity Futures Trading Commission.”
Committee on Education and the Workforce will hold a hearing TODAY, 3/06 at 10:15 AM on “Proven Results: Highlighting the Benefits of Charter Schools for Students and Families.”
Committee on Financial Services will hold a hearing TODAY, 3/06 at 10:00 AM on “The Federal Reserve’s Semi-Annual Monetary Policy Report.”
Committee on Financial Services will hold a hearing Tomorrow , 3/07 at 10:00 AM on “Politicized Financial Regulation and Its Impact on Consumer Credit and Community Development and Its Impact on Consumer Credit and Community Development."
The Senate...
Special Committee on Health, Education, Labor, and Pensions will hold a hearing Tomorrow, 3/07 at 11:00 AM on “The Older Americans Act: Supporting Efforts to Meet the Needs of Seniors.”
Committee on the Judiciary will hold a hearing TODAY, 3/06 at 10:00 AM on “Nominations.”
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The US Department of Labor
The U.S. Department of Labor issued a news release on the Appointment of New ERISA Advisory Council Members
The US Department of the Treasury
The U.S. Department of the Treasury issued a press release on "IRS Release Final Rules on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda."
The US Department of Commerce
Check back tomorrow for possible updates.
The US Trade Representative
Check back tomorrow for possible updates.
The US Small Business Administration
The U.S. Small Business Administration issued a press release on SBA Administrator Guzman announcing the next generation of the SBA’s Lender Match tool for small businesses to connect to capital through SBA’s network of approved banks and lenders.
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