The American Building Materials Alliance (ABMA) is actively championing crucial legislative priorities in 2024 to support the lumber and building materials (LBM) industry and address key challenges. Below is a comprehensive overview of ABMA’s priority legislation.
1. Tax Relief for American Families and Workers Act (H.R. 7024)
SUPPORT
ABMA’s top legislative goal, H.R. 7024, secured overwhelming support in the House, retroactively extending vital tax benefits for businesses. The bill focuses on pro-growth, pro-jobs tax incentives, with provisions key to LBM including Research and Development (R&D) investment incentives, interest deductibility, and raising the immediate expensing cap for small businesses. It also enhances the Child Tax Credit, contributing to economic competitiveness, job creation, and relief for working families.
Having cleared the House, ABMA’s advocacy efforts are now strategically shifting to the Senate. Challenges, particularly regarding the Child Tax Credit and the “pay-for” mechanism, underscore the need for continued refinement. ABMA is committed to actively working to navigate these challenges and ensure the success of our tax priorities in 2024.
2. The Credit Card Competition Act (S1838)
SUPPORT
Focused on introducing competition into the credit card network market, presently dominated by the Visa-Mastercard duopoly, the Credit Card Competition Act (CCCA) has stood as a key legislative priority for ABMA since its first introduction in 2022. In addressing concerns about inflation and escalating prices, the CCCA’s broader impact is anticipated to positively influence consumer spending and provide relief to small businesses grappling with the financial strains associated with high transaction fees.
ABMA strongly supports the CCCA as it aims to empower merchants, promote better service, and reduce costs, ultimately fostering a fairer credit card market. We will continue to urge lawmakers to prioritize the passage of S. 1838 to bring about positive changes in the credit card market in 2024.
3. Strengthening America’s Supply Chain
SUPPORT
The Transportation and Infrastructure Committee recently approved a comprehensive legislative package targeting the strengthening of the U.S. supply chain. This initiative not only addresses immediate challenges concerning the resilience of the U.S. supply chain, but also brings positive legislation to support CDL drivers by including provisions derived from two pivotal pieces of ABMA priority legislation from 2023: the LICENSE Act and the SHIP IT Act.
In 2024, ABMA is dedicated to advocating for the passage of this comprehensive supply chain legislation package. In an environment where disruptions are increasingly common, our efforts are directed towards legislation that not only addresses current concerns, but also secures long-term adaptability and enhances competitiveness.
4. Workforce Innovation and Opportunity Act (WIOA) Reauthorization (H.R. 6655)
SUPPORT
ABMA recognizes the urgent need for workforce development and endorses H.R. 6655, a comprehensive WIOA reauthorization. The bill allocates 50% of funding to upskill the American workforce, prioritizes employer-led initiatives, and ensures displaced workers access to skill development programs.
Despite the challenges of an election year, ABMA remains hopeful for the bill’s passage, underscoring the industry’s commitment to fostering a skilled and qualified workforce.
More Information to Come
In the coming days and weeks, ABMA will provide more detailed overviews on each 2024 legislative priority. In the meantime, we urge our members to get involved by becoming a champion of the LBM industry.
Take Action: Your involvement is crucial for shaping policies that ensure prosperity and healthy competition in the LBM industry. Help support these priorities through engagement with federal legislators and participating in ABMA’s 2024 Advocacy Day in Washington, D.C.
Stay Informed: Explore ABMA’s advocacy initiatives on our website and stay informed by subscribing to our weekly e-newsletter, The Advocate, offering essential updates on federal regulations, Advocacy Day plans, and weekly reports with must know information from our lobbyist in D.C, Pat Rita.
