Today, the ABMA Committee met to finalize priorities and a plan for 2023. The Committee received an update on the Lame Duck session and omnibus spending bill that is still pending in Congress and discussed more specifics about Advocacy Day and goals for 2023.
Business Issues in Lame Duck
Despite the best efforts of ABMA and others, the Republicans and Democrats in the Senate could not agree on a compromise that would include business tax extenders, including bonus depreciation, and a child tax credit in the December 2022 omnibus bill. Moving forward, ABMA, along with the the larger business community of D.C. will continue to work hard in 2023 to press these issues through letters and meetings with legislative members and their staff.
Since 100% bonus depreciation was not extended, this means that starting in 2023, the bonus depreciation that can be deducted will be 80%. However, since this would not apply until you file taxes in 2024, there is still time for the business community to get the 100% deduction back. ABMA will be focusing on getting this issue addressed in the 118th Congress. We expect any action on it would be retroactive.
118th Congress, 2023-2024
The first steps after the new Congress is sworn in in January is to connect with the 84 new members of the Houses and Senate and bill reintroduced. ABMA is going to work with the current sponsors of our priority legislation to get the bills reintroduced and then continue to work on getting cosponsors. We are also going to send letters to all of the new Representatives and Senators introducing them to ABMA and our issues so they and their staff know who we are and that we are their federal LBM resource.
In addition to the list of priorities we are carrying over from 2022, including the LICENSE Act and the Employer Directed Skills Act, we are adding the Credit Card Competition Act of 2022 (S.4674/H.R.8874) and reinstatement of the 100% bonus depreciation tax deduction.
We have confirmed dinner at the Lincoln Restaurant for Wednesday night after our issue briefing. It is located just northwest of the White House. Our schedule is finalized and includes an ABMA Committee meeting on Wednesday. Details regarding lodging and the night tour of the Capitol will be forth coming in the new year.
Plans for 2023
In addition to new priorities and getting current priorities reintroduced, ABMA is going to focus on hosting more Yard Tours and increasing cosponsors for our priorities. Yard Tours present a unique opportunity to educate legislators on our industry and share with them what it means to be a small business in their state. Many have never visited a lumber yard and often find it eye opening to see just how much is going on.
Be on the lookout throughout the year for action alerts on our many priorities. Congressional Representatives and Senators want to hear from their constituents about how legislation could impact the businesses and people in their state, and it only takes a few minutes to send a message.