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 June 29th edition below and sign up to receive your copy.
Congress Returns to the States for the Fourth
As Congress breaks for the Fourth of July Recess until the week of July 10, be on the lookout for your federal lawmakers as they make the rounds of parades and barbecues. In the event you see your elected officials, be sure to echo the Hardwood Federation’s key “asks” driven home during the June Fly-In:
- Farm Bill – Congress should create a grant program educating the public about the benefits of hardwood products, especially recognition of the carbon capture value of hardwood products in USDA’s carbon accounting programs.
- Taxes – Congress must make permanent 100 percent expensing of industrial equipment and the 20 percent deduction for small business. Congress should also restore full deductibility of business expenses.
- Transportation – Congress must pass a “supply chain package” that creates flexibility for truck weights, grows the dwindling pool of trucker drivers, and expedites implementation of ocean shipping reforms.
USFWS Proposes to Tighten ESA Rules
On June 21, the USFWS proposed three modifications to ESA standards in an attempt to address what the agency describes as weakened protections implemented by the previous administration. The proposals seek to:
- Specify that the agency may not consider economic impacts when making reclassification, listing and delisting decisions
- Reinstate the blanket 4(d) rule while retaining the option for the Service to adopt a species-specific 4(d) rule
- Revise the interagency consultation process
The Hardwood Federation is preparing comments on the proposals, which are due in late August.
House Tax Package Moves to Front Burner
When the House Ways and Means Committee passed a tax package on June 13, it launched legislation that serves as a vehicle for some of the hardwood industry’s top priorities. Included in the mix are provisions that extend full expensing of equipment through the end of 2025 and restoration of business interest deductibility, known in accounting-world as Earnings Before Interest, Depreciation and Amortization (EBITDA), also through 2025. House leaders hope to move the package to the House floor before the August recess.
Source: Hardwood Federation