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EIW Today - May 15th, 2024

Prism Group's Daily Summary



IRS ON THE HOTSEAT?… The IRS alerted taxpayers yesterday to a series of tax scams and inaccurate social media advice that led thousands of taxpayers to file inaccurate claims for several credits. The news came just days after an agency post that revealed the IRS still does not know the extent of a data breach dating back to 2018. Republican lawmakers in particular have trained their focus on the IRS, and the House Ways & Means Committee is marking up multiple bills today that seek to implement additional oversight of the agency.  

 

CHINA TARIFFS… Yesterday, President Biden announced new tariffs on $18B in Chinese imports, mostly related to EVs and green energy hardware, as he attempts to nurture US markets in key global sectors. EV tariffs will be raised from 25% to 100%, for both semiconductors and solar cells 25% to 50%, and some steel/aluminum products from 7.5% to 25%.  

 

ICYMI: AMAZON RELEASES ANNUAL SMALL BUSINESS EMPOWERMENT REPORT... Amazon has released its annual Small Business Empowerment Report, which highlights how Amazon’s ongoing investments make it possible for sellers across the country to grow and achieve success. As detailed in the 2023 report, hundreds of millions of customers purchased from small and medium-sized businesses, and independent sellers sold more items year-over-year in Amazon’s store, fueling the growth of these businesses and directly benefiting their local communities. 


SBA TO DISCUSS REGULATORY FAIRNESS ISSUES IMPACTING SMALL BUSINESSES... On May 23, 2024, SBA’s National Ombudsman Michele Schimpp and representatives from the Pacific Northwest leadership are hosting a virtual convening focused on regulatory fairness issues in the small business community. Through this event, attendees are able to learn about available assistance and resources, as well as connect with SBA leaders and resource partners on resolving complex regulatory compliance and enforcement issues. 


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Eighteen state legislatures are in regular session.

 

WHAT WE'RE WATCHING: 


Illinois lawmakers have less than two weeks to finalize the 2024 state budget, which includes a proposal for a $300-per-child tax credit for nearly half of Illinois parents. The credit would assist families making around the median income, with eligibility capped at $100,000 for joint filers and $75,000 for single filers. 1.4 million children in the state would be likely to benefit. 

 

California could soon use generative AI tools to reduce traffic jams, enhance road safety, and provide tax guidance under new agreements announced by Governor Gavin Newsom (D). Partnering with tech giants like Microsoft, Google, and Amazon, the state will test these tools over six months with state workers. 

 

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 Energy and Commerce's Environment, Manufacturing, and Critical Materials Subcommittee will hold a hearing TODAY, 5/15 at 10:00 AM on “The Fiscal Year 2025 Environmental Protection Agency Budget.” 

Committee on Energy and Commerce's Environment, Manufacturing, and Critical Materials Subcommittee and Communications and Technology Subcommittee will hold a hearing TODAY, 5/15 at 10:30 AM on “The Fiscal Year 2025 National Telecommunications and Information Administration Budget.”  

Committee on Financial Services will hold a hearing TODAY, 5/15 at 10:00 AM on “Oversight of Prudential Regulators.” 

Committee on Appropriations will hold a hearing TODAY, 5/15 at 10:00 AM on “Budget Hearing - Fiscal Year 2025 Request for the Federal Trade Commission."

Committee on Small Business will hold a hearing TODAY, 5/15 at 12:00 PM on “Under the Microscope: Reviewing Key SBA Programs with Associate Administrator Frost.” 

Committee on Appropriations will hold a hearing Thursday, 5/16 at 10:00 AM on “Budget Hearing - Fiscal Year 2025 Request for the Federal Communications Commission."

Committee on Ways and Means' Tax Subcommittee will hold a hearing Monday, 5/20 at 10:00 AM on “Creating More Opportunity and Prosperity in the American Rust Belt.” 

Committee on Small Business will hold a hearing Wednesday, 5/22 at 10:00 AM on “Burdensome Regulations: Examining the Biden Administrations Failure to Consider Small Businesses.” 

 

The Senate...  

Committee on Appropriations Subcommittee will hold a hearing TODAY, 5/15 at 2:30 PM on “A Review of the President’s Fiscal Year 2025 Budget Request for the Department of Commerce.” 

Committee on Appropriations Subcommittee will hold a hearing TODAY, 5/15 at 2:00 PM on “Strengthening American Competitiveness: Examining the Roles of the U.S. International Development Finance Corporation, Export-Import Bank of the United States, and Millennium Challenge Corporation.” 

Committee on Banking, Housing, and Urban Affairs will hold a hearing Thursday, 5/16 at 10:00 AM on “Oversight of U.S. Financial Regulators: Accountability and Financial Stability.” 

Committee on the Judiciary will hold a hearing Thursday, 5/16 at 10:00 AM on “Executive Business.” 

 

BILLS OF INTEREST 


  • Rep. Adrian Smith (R-NE-3) introduced a bill to amend the Harmonized Tariff Schedule of the United States to modify temporarily certain rates of duty, and for other purposes. 

  • Rep. Andrew Ogles (R-TN-5) introduced a bill to restrict the Chinese Government from accessing United States capital markets and exchanges if it fails to comply with international laws relating to finance, trade, and commerce. 


AT THE AGENCIES 


The U.S. Department of Labor 

The U.S. Department of Labor announced that its procurement practices have been recognized by the Small Business Administration. 


The U.S. Department of Labor announced $40 million in grants for out-of-school time organizations to improve access to jobs for underserved youth.   


The U.S. Department of the Treasury 

The U.S. Department of the Treasury announced the United States exposed a Russian oligarch scheme to evade sanctions. 

 

The U.S. Department of Commerce 

The U.S. Department of Commerce released U.S. Secretary of Commerce Gina Raimondo's statement on President Biden's decision to increase tariffs on Chinese imports. 


The U.S. Department of Commerce released the lineup of speakers for the 10th SelectUSA Investment Summit, including U.S. governors and global business leaders. 


The U.S. Department of Commerce announced a workforce agenda focused on preparing workers with the education and skills for critical and emerging technologies. 

 

The U.S. Trade Representative  

The U.S. Trade Representative office released a statement from U.S. Trade Representative Katherine Tai on taking further action towards Chinese tariffs. 

 

The U.S. Small Business Administration 

Check back tomorrow for possible updates.

 

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