Year-End Summary – 2023 🌟
Dear ABMA Members,
As 2023 comes to a close, it’s important to review our priorities and reflect on why they are important to our industry as we set the stage for 2024.
1. Opportunity for Tax Legislation in Coming Weeks 🏛️
As we conclude 2023, there’s a unique opportunity for Congress to address crucial tax legislation when they return in January. The prospect of renewing key tax benefits for small and medium-sized businesses, such as the Bonus Depreciation Tax Credit, presents an opportunity to shape our industry’s financial landscape in a positive way through a business-friendly tax climate. Your engagement and advocacy can play a pivotal role in ensuring the support needed for these critical tax measures.
2. Bonus Depreciation Tax Credit 💸
The 100% bonus depreciation tax credit is critical for businesses in our sector, allowing a full write-off of equipment costs in the year of purchase. With this growth friendly benefit phasing out over the next several years, it is important to reinstate the full benefit.
3. Main Street Tax Certainty Act (20% Pass Through Deduction) 🌐
This act, making permanent the 20% pass-through deduction, benefits small businesses by reducing their tax burden. It is crucial for fostering economic growth, allowing businesses to reinvest in their operations and communities.
4. Employer-Directed Skills Act 🔧
Addressing the universal need for workforce development, this act empowers job creators to determine necessary skills, streamlining access to skills development, and leveraging private sector investments. ABMA supports this legislation to bridge the gap between employer needs and employee skills in the LBM industry.
5. HR471: Safer Highways and Increased Performance for Interstate Trucking Act 🚚
This bill addresses critical issues constraining truck shipments and hindering new entrants into the trucking workforce. Key provisions include:
- Modernizing vehicle waivers during emergencies.
- Allowing truck drivers to apply for WIOA grants.
- Incentivizing new truck drivers through targeted tax credits.
- Streamlining the CDL process.
- Expanding access to truck parking and rest facilities. The bill aims to alleviate the shortage of truck drivers, providing incentives and simplifying CDL processes.
6. Strengthen Supply Chains Through Truck Driver Incentives Act 🛣️
This bill provides tax credits for certain commercial truck drivers, aiming to strengthen the transportation sector. Given the continued supply chain issues and worker shortages, ABMA stands behind this legislation to support the backbone of our economy – truck drivers.
7. Softwood Lumber Agreement (SLA) 🌲
Ratification of a new SLA is vital for stability in the lumber and building materials industry. Despite recent interest rate increases, prices remain elevated, and a new agreement would provide stability within the sector.
8. Credit Card Competition Act Update 💳
The Credit Card Competition Act remains a top priority. This crucial bill aims to ease credit card processing costs for small businesses. ABMA strongly supports this legislation, recognizing its potential to introduce competition and reduce costs for our members.
As we conclude 2023, ABMA remains dedicated to advocating for the interests of our members. Your continued engagement is vital as we look forward to navigating the opportunities and challenges of 2024 together. 🚀🛣️
