Hardwood Federation Gives Business-Centered Updates in November seventeenth “D.C. Cheat Sheet”

The Hardwood Federation produces a “D.C. Cheat Sheet” publication to maintain the trade up-to-date on the newest information from Washington D.C. Try the November seventeenth version under and enroll to obtain your copy.

Ultimate Election Outcomes Inch Nearer to the End Line

As everyone knows, election evening didn’t ship outcomes to point out which get together would management every chamber of Congress. However as excellent outcomes trickled out over the times instantly following the election, it turned clear that Democrats would retain management of the Senate by reaching the magic variety of 50. Throughout the Hill, the Home GOP didn’t achieve its razor skinny majority of 218 seats till a number of days after election day. Regardless of the intently divided legislature, long-time allies of the hardwood trade from each events will assist form the agenda subsequent yr, in addition to the lame-duck session that can shut the 117th Congress. The Hardwood Federation can also be wanting ahead to assembly with new members of Congress that can be part of key committees together with the Senate Agriculture and Power and Pure Sources and Home Agriculture, Pure Sources, and Methods and Means.

Lame Duck Agenda Takes Form

Though remaining election outcomes will forged extra gentle on legislative dynamics within the lame duck session that kicked off Monday, many points are rising on high of the checklist in Congress:

  • Federal Spending – Funding for the federal authorities runs out on December 16. To forestall a partial authorities shutdown, lawmakers should kick the can for an extra period of time or agree on a remaining finances for Fiscal 12 months (FY) 2023.
  • Power Allowing – Senate Democratic Management have struck a discount with Sen. Manchin to deal with power allow streamlines impacting tasks in West Virginia.
  • Tax Package deal – Yearly a number of tax credit attain their “sundown dates” and should be dropped or renewed. This yr there’s a push for renewal of one hundred pc depreciation of commercial gear, which the trade helps.

Business Urges Congress to Prolong Tax Break for Heavy-Obligation Gear

On November 14, the Hardwood Federation despatched a letter to the Hill’s key tax writers urging Congress to increase the tax credit score for one hundred pc bonus depreciation as they contemplate an end-of-year tax package deal. The trade depends on the credit score to bolster investments in new dry kilns, boilers, forklifts, vehicles, and different gear important to producing hardwood merchandise and shifting them to finish clients. Though Congress typically pulls collectively a “tax extenders package deal,” because the laws is mostly recognized, on the finish of every yr, the timing and scope of a tax deal in December is just not but recognized.

Supply: Hardwood Federation

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