Engineering Inc. - March/April 2015 - (Page 6)
Legislative Action
Tax Reform
Momentum Builds
P
Andrew HArrer/Getty ImAGes
resident Obama and several congressional leaders continue to express
interest in simplifying the federal
tax code, though significant differences
remain.
Treasury officials are focused on lowering the top corporate tax rate, which at 35
percent is the highest among developed
nations. The chairmen of the House and
Senate tax-writing committees also want
to lower tax rates paid by pass-through
businesses, such as S corporations and
partnerships. ACEC continues to advocate
for comprehensive tax reform that treats all
business structures equally.
There is also disagreement over whether
tax reform should be revenue-neutral or
increase the overall tax burden. The administration and many in Congress agree that
tax reform could present an opportunity to
divert needed revenues into the Highway
Trust Fund.
The window for complex legislation
such as tax reform will begin to close as
the presidential election cycle accelerates.
However, the tax-writing committees are
expected to continue working toward tax
reform even if a bill won't be up for a vote
until after the 2016 election. ACEC continues to engage with congressional leaders
to ensure that the engineering industry's tax
policy priorities are considered.
Senate Finance Committee Chairman
Orrin Hatch (R-Utah) offers his vision for
comprehensive tax reform beginning on
page 8.
6
ENGINEERING INC.
MaRCh / apRIl 2015
Congress Eyes Highway Trust
Fund Fix, Long-Term Transportation
Reauthorization
L
eaders in the House and
Senate are working to identify a way to shore up the
depleted Highway Trust Fund and
advance a long-term reauthorization of federal highway, transit and
safety programs. The current shortterm extension expires May 31.
ACEC joined with other stakeholders in securing the signatures
of 285 members of Congress to a
letter urging House Speaker John
Boehner (R-Ohio) and Minority
Leader Nancy Pelosi (D-Calif.)
to make passage of a long-term
transportation bill a top priority.
"We are united in our conviction
that now is the time to end the
cycle of short-term extensions that
kick the can down the road by
doing the work needed to pass a
multi-year surface transportation
bill," the bipartisan group wrote.
"To make this happen, we support
efforts to develop a long-term
sustainable revenue source for our
nation's transportation network as
soon as possible. Otherwise, we
will not be able to enact a transportation bill that truly meets our
nation's economic and infrastructure needs."
The Senate Environment and
Public Works Committee is
expected to unveil its reauthorization legislation in the coming weeks. In a recent hearing,
Chairman Jim Inhofe (R-Okla.)
said passage of a long-term, fiscally responsible bill is the committee's foremost priority. "The
conservative position is to pass a
bill instead of short-term extensions," which cost taxpayers more
money because of project deferrals
and delays, he said. The bill will
likely be similar to the six-year
bill unanimously approved by the
committee in 2014.
The most significant challenge
facing Congress is how to fund the
program and bridge the $15 billion annual gap between current
funding levels and revenues into
the Highway Trust Fund. Several
Senate Republicans have expressed
openness to increasing federal gas
and diesel taxes as one potential
option, in part because the price of
oil has dropped significantly over
the past year. House leaders have
been less supportive and point to
other tax code changes, including
repatriation of overseas corporate
earnings, as a path forward to
supplementing the Trust Fund.
Sens. Barbara Boxer (D-Calif.)
and Rand Paul (R-Ky.) have introduced legislation to provide a onetime tax holiday on repatriated
earnings, cutting the rate from
35 percent to 6.5 percent and
depositing the revenues into the
Highway Trust Fund. Reps. John
Delaney (D-Md.) and Richard
Hanna (R-N.Y.) have introduced
the Infrastructure 2.0 Act, which
establishes a mandatory 8.75 percent tax rate for existing overseas
earnings. According to the
sponsors, it could produce enough
revenue to fill the gap in the Highway Trust Fund for six years and
capitalize a new $50 billion American Infrastructure Fund to finance
transportation, water, energy, communications and educational facility projects. President Obama has
supported a similar approach in
his 2016 budget proposal. Recent
comments by congressional leaders
suggest that some form of repatriation is under serious consideration
as a way to shore up the Highway
Trust Fund, though some members prefer that repatriation be
handled in the context of corporate tax reform.
Introduced legislation
creating a one-time tax
holiday on repatriated
earnings as revenue for
Highway Trust Fund.
Sen. Barbara Boxer
(D-Calif.)
Sen. Rand Paul (R-Ky.)
Introduced
Infrastructure 2.0 Act
to boost Highway
Trust Fund.
Rep. John Delaney
(D-Md.)
Rep. RIchard Hanna
(R-N.Y.)
Table of Contents for the Digital Edition of Engineering Inc. - March/April 2015
Engineering Inc. - March/April 2015
Contents
From ACEC to You
Market Watch
Legislative Action
Senator Orrin Hatch
Engineer-Elect
Breaking the Mold
App to Order
Making a Quality-of-Life Difference
Leading the Pac
2015 Annual Convention Preview
Guest Column
Business Insights
Members in the News
Mergers and Acquisitions
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