Hardwood Federation Provides Industry-Focused Updates in Latest “D.C. Cheat Sheet”

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 latest edition below and sign up to receive your copy.

House and Senate Ag Committee Chiefs Release Farm Bill Outlines

In the wake of a months-long stalemate, on April 30, House Ag Committee Chair GT Thompson (R-PA) released an overview of the 2024 farm bill, giving the nod to some key hardwood industry priorities.   Highlights in the bill include a “substantial increase” in funding for USDA’s export programs and incentives to promote active forest management. The outline also gives priority to growing markets for wood products and streamlining environmental review processes. Chair Thompson announced that the Ag Committee will mark up the bill on May 23. On the heels of Chair Thompson’s announcement, Senate panel chief Stabenow dropped her own overview of the 2024 legislation on May 1, which doubles funding for the community wood grant program and includes robust conservation and nutrition assistance programs. The Hardwood Federation will keep you posted on developments as they unfold.

Congress Moves to Strike Corporate Transparency Act

Last month, the Hardwood Federation joined nearly 100 trade associations representing small business signed a letter endorsing legislation introduced by Rep. Warren Davidson (R-OH) to repeal the Corporate Transparency Act (CTA). The bill would end reporting requirements that target small and family-owned businesses. The CTA took effect this year and requires small businesses and other covered entities to report the personal information of their owners and managers to the Financial Crimes Enforcement Network at the Treasury Department, creating red tape for business owners with little demonstrable benefit for law enforcement.

House Establishes “Tax Working Groups”

Last month, the House Ways and Means Committee announced it would form 10 tax working groups to study sections of the 2017 tax reform law that are set to expire in 2025. Rep. Vern Buchanan (R-FL), Vice Chair of the tax committee, has been slated to lead a group focusing on manufacturing. Among other issues, the working group will focus on an expiring small business deduction, known as Sec. 199A, and the burdens that small manufacturers will face if Congress doesn’t act to extend this valuable tax break.

Source: Hardwood Federation

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