The Hardwood Federation produces a “D.C. Cheat Sheet” newsletter to keep the industry up-to-date on the latest news from Washington D.C. Check out the August 11th edition below and sign up to receive your copy today.
Inflation Reduction Act Moves Forward
On Sunday, Senate Democrats passed the newly named Inflation Reduction Act by a vote of 51-50, with Vice President Kamala Harris serving as the tie-breaking vote. While numerous amendments were offered by Republican Senators in a process known as “vote a rama,” only a couple of amendments were approved. One that will affect small and medium sized businesses extends for two years the non-corporate excess business loss limitation, which is a cap on losses a business owner is permitted to claim. A letter to Congressional leaders opposing this change was circulating this week in hopes of having this tax provision stricken from the final version that is considered by the House, but that outcome appears unlikely.
Democrats have traveled a twisty road to use their chance at reconciliation this year, and despite predictions by many political advisors, finally did so with a scaled down version of Build Back Better that contains key provisions on climate, energy, and other social safety net issues. As for next steps, the House is now scheduled to vote on the bill on Friday, which will most likely pass in a party-line vote, but Democrats have little room for error given their slim majority in the lower chamber. The Hardwood Federation will review final text for industry impacts not already reported.
Hardwood Federation Back on the Road
The Hardwood Federation team has had a few months to enjoy the heat and humidity of D.C. but will be back on the road soon. Look for us at upcoming industry events, including the Western Hardwood Association’s Convention, the Pennsylvania Forest Product Association’s Annual Meeting, the National Hardwood Lumber Association Convention, and the Railway Tie Association Symposium. We look forward to visiting with industry leaders and hearing directly from you about how Washington is and isn’t working for you.
The Hardwood Federation, along with much of Washington D.C. and the State of Indiana, is mourning the loss of Congresswoman Jackie Walorski (R-IN-2) who was killed, along with two young staff members, in an auto accident last week. The Congresswoman was a friend to the industry long before she was elected to the U.S. Congress in 2012, working closely with the Indiana Hardwood Lumbermen’s Association during her six years as a state representative. The Hardwood Federation met with her and her office many times over the years and will miss her interest and active support of the industry on a number of issue including tax reform and international trade.
Source: Hardwood Federation