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100th Day of the Legislative Session Approaching: T
ax Reform at Forefront
The 100th day of the 2018 legislative session is next week.
However, negotiations between the chambers continue on key fiscal issues that need to be addressed before adjournment.
The Senate and House each introduced a new tax reform plan this week, but the plans are not in agreement. The House amended
HSB 671, originally the Governor's tax reform bill, with their own tax bill. The bill does not include corporate tax reform and only allows 25% of the 20% Qualified Business Income deduction important to many smaller businesses and manufacturers. The House plan does not eliminate federal deductibility and includes small adjustments to income tax rates for individuals and sales tax modernization. The House Ways and Means committee passed the bill with the tax plan amendment this afternoon on a party line vote.
Click here to see a summary of the House amendment.
The Senate tax bill outlined on Thursday in a Senate Ways and Means subcommittee amends
SSB 3195
and lays out a five-year tax plan that includes corporate tax reform, full 20% QBI, a more significant tax rate reduction for individuals and corporations and eliminates federal deductibility. The Senate plan also addresses sales tax modernization and sunsets and reduces some tax credits.
Click here
for a one-page summary document of the Senate tax plan.
Tax reform and the budget are tightly linked, and we have yet to see budget targets for Fiscal Year 2019, as negotiations on tax reform are on the front burner. With two competing proposals between the House and Senate, we expect that neither bill as currently written is in final form. Negotiations between the House and Senate will continue into next week.
Special ABI Tax Policy Call on Friday, April 13
The ABI public policy team will provide a legislative update focused on tax reform tomorrow, Friday, April 13 at 10 a.m. Call in to hear the latest on tax, budget and any other remaining legislative items. Please contact
Michelle Vollstedt
to RSVP.
ABI President Testifies at Tax Meetings
ABI President Mike Ralston testified Monday evening at the public hearing
on
HSB 671
, or the Governor's tax reform proposal. Ralston highlighted feedback the ABI policy staff had received from members, including the importance of the qualified business income deduction, low rates, revenue triggers and Main Street fairness/sales tax modernization. You can watch the full public hearing
here
.
Ralston also testified Thursday afternoon during a subcommittee on
SSB3195, which is also the Governor's tax proposal. Senator Randy Feenstra (R-Hull), chairman of the subcommittee and also chairman of the Ways & Means Committee opened up the floor to comments from the lobby after stating there would be a strike-after amendment.
House Passes Extension of SAVE
The House passed a bill by a vote of 95-3 that would extend Secure an Advanced Vision for Education (SAVE) on Tuesday. The legislation,
HF 2481, would provide an extension of the one-cent sales tax until 2050. It is currently scheduled to expire in 2029. The money generated--approximately $16 billion--would be geared toward schools and property tax relief. The money can be used on infrastructure and other equipment. There is a similar bill that has passed a Senate committee, but has yet to come to the floor. Prior to session, ABI provided information about SAVE, and you can read more about the statewide penny for education infrastructure
here.
Sweeney Wins Special Election for Iowa Senate
Annette Sweeney (R-Alden) won a special election for Iowa Senate District 25 on Tuesday night. She defeated her opponent, Tracy Freese (D-Dike), by a vote total of 4,776 to 3,786 or a margin of 56%-44%. The district includes all of Hardin and Grundy counties, as well as parts of rural Story County and a southern portion of Butler County. Gov. Reynolds called the special election following the resignation of former Senate Majority Leader Bill Dix in March. Sweeney is likely to be sworn in next week. She will serve out the rest of Dix's term and must run for re-election this fall for a full term. If she wins the primary, Senator-elect Sweeney is likely to face the same opponent in the general election. While in the House, Sweeney was a pro-jobs legislator and has attended an ABI conference. ABI members congratulate Senator-elect Sweeney on her victory and look forward to working with her in her new role.
Federal Spotlight: Gov. Reynolds Advocates for Trade
Gov. Reynolds held a press conference on Tuesday highlighting the importance of trade and the concern with tariffs on key products such as steel and soybeans that have been announced due to trade disputes with China that could have a detrimental impact to Iowa's economy. ABI member company Sukup Manufacturing Co. attended the press conference to speak about the impact of steel tariffs. Gov. Reynolds warned against solving trade disputes on the backs of farmers. You can watch the full press conference here. Gov. Reynolds, along with Sens. Grassley and Ernst, met with Trump today to talk about the importance of trade to Iowa economy. Click here to read the statement.
Crain Speaks to Marshalltown Rotary and Regional Environmental Conference
This week ABI Senior Vice President of Public Policy Nicole Crain spoke at the Midwest Environmental Compliance Conference (MECC) in Kansas City. ABI members from across the state attended the sold-out conference, where they heard from Region 7 EPA Administrator Jim Gulliford, who spoke to ABI's Environment Committee earlier this year. Iowa's Administrator of Environmental Services Division Bill Ehm was part of a multi-state panel that spoke about the year in review. Agencies updated attendees on changes to rules and restrictions, increased communication with EPA and state-specific issues such as manure management plans. Speakers at the conference also covered energy, water, regulatory and compliance issues, as well as recapped the latest environmental topics of note from around the region. Keep reading.
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Present at the 2018 Advanced Manufacturing Conference
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Do You Have Expertise on Issues Important to Iowa Manufacturers?
Share your insight with attendees at the 2018 Advanced Manufacturing Conference on October 3. ABI is now accepting proposals for workshop speakers.
Preferred topics include:
- Digital Transformation
- Creating New Products/Reaching New Markets
- Manufacturing Technologies
- LEAN
- Automation and Robotics
- Building a Culture of Innovation
- Policy Effects on Manufacturing
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Keep Distractions from Driving You Crazy
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From Distracted to Productive: Finding Productivity and Focus in a Hyper-interrupted World
E-mail. Texts. Interruptions. Project transitions. Office clutter. Social media. How do you keep all of these
distractions (SQUIRRELS!) from
driving you crazy? Attend this popular program with Randy Dean, the "E-mail Sanity Expert," on April 25 at the ABI office. You'll get a game plan for keeping distractions under control and finding critical focused productivity time each and every day. The results? Enhanced performance, clarity of mind and purpose. Registration is $69 for ABI members and $129 for not-yet-members.
Register now
.
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Are You Working on the Business ... or Just in the Business?
Chawn Honkomp, Business Financial Advisor, CPA, MBA
Running a successful business takes time, strategy and hard work. You may find yourself designing or manufacturing products, working with vendors, helping customers or managing employees. As a business owner, you'll eventually want to retire and enjoy the benefits of your hard work. As you approach that day, you want to have a solid exit plan in place so you're set up to successfully leave the business on your terms, set the minds of your employees and clients at ease, and help your successor take over with confidence.
Many business owners simply don't plan for their personal financial future or for the next generation's ownership. Some have kids ready to take over, so they assume the transition will take care of itself. Others simply avoid thinking about the day when they're no longer in control of the business they've diligently nurtured. Still others hesitate to jump into an arena they know little about.
You've put in long hours building your business, and your legacy, so that you can pass it on intact. Because no one knows what tomorrow will bring, now is the time to plan for that transition. Keep reading.
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Leadership Iowa Nominations Due May 1
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Nominations for
Leadership Iowa
, Iowa's premier statewide issues awareness program hosted by the ABI Foundation, are due May 1. Leadership Iowa provides an opportunity for 40 current and emerging Iowa leaders to visit eight different locations across the state and rediscover what makes Iowa such a special place to live and work. More than 1,000 leaders from across Iowa and from all industries have graduated from Leadership Iowa over the past 35 years. Nominations may be made
online
.
Rob Taylor Announces New Business Name, Completion of Professional EOS® Implementer Training
Rob Taylor recently announced Gleason, Taylor & Associates, Inc. is now
Taylor Management Systems, Inc.
In addition, he
just completed training as a Professional EOS® Implementer. Taylor is one of only 197 worldwide who has been given this unique opportunity. EOS® (
Entrepreneurial Operating System
) takes a holistic self-sustaining approach to building a great company, helping business owners get the most out of their business.
Workforce Diversity Group to Partner with ICR IOWA
Today, ICR IOWA and the Employee Resources Group Consortium (ERGC) announced a new partnership that will support the attraction and retention of diverse professionals in Iowa City and Cedar Rapids.
"As we collected data on the workforce needs of regional employers, it became clear that the attraction and retention of diverse professionals would be an important component of our strategy," said Jennifer Daly, president and CEO of ICR IOWA. "The ERGC is a natural partner in this initiative and we are excited to work with their team to build on the great programs they have already developed." Read the news release.
Elevate Advanced Manufacturing to Host Parents & Students Night in Fairfield
Elevate Advanced Manufacturing is partnering with
Agri-Industrial Plastics
to host a Parents & Students Night, April 24, 6-8 p.m., at
301 North 22nd Street
in Fairfield. Attendees are eligible to win a $500 scholarship.
The evening will include a panel discussion, information about college planning and career opportunities, tour of Agri-Industrial Plastics, pizza and more.
Register to attend by emailing
Kristin Fisher
. Learn more.
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