The transportation construction industry and its union partners build projects and sustain well-paying jobs that bring community and economic benefit to every corner of our nation. We share the commitment of the Congressional Progressive Caucus to building next-generation infrastructure that is designed to promote equal economic opportunity for all Americans.
The 33 national associations and labor unions of the Transportation Construction Coalition are writing to respond to a recent misleading fact sheet circulated by House Republican Leadership on the bipartisan Infrastructure Investment and Jobs Act. We disagree with the assertion that this bill is nothing more than a “Trojan Horse” to pass another measure. This legislation, on its own, would increase every state’s highway formula funding by an average of 35 percent.
The Infrastructure Investment and Jobs Act (IIJA) provides a generational opportunity to invest in the nation’s highway, bridge, public transit, airport and other infrastructure programs. Transportation improvements connect people and communities, while yielding short and long-term improvements across the economy. The 33 national associations and labor unions that make up the Transportation Construction Coalition (TCC) urge all members to vote YES on final passage of the IIJA in the House.
The undersigned associations, representing thousands of businesses and workers throughout the U.S. economy, write in strong support of permanently preserving the current limit on business interest deductions—which is scheduled to expire in 2022. Current law limits businesses’ interest expense deductions to 30% of earnings before interest, tax, depreciation, and amortization (EBITDA) for tax years through 2021. Starting in 2022, interest deductions will be limited to 30% of earnings before interest and tax (EBIT).
The Senate-passed bipartisan infrastructure bill—the Infrastructure Investment and Jobs Act (IIJA)—represents a historic opportunity to provide substantial economic and quality of life enhancements to communities across the country and to build for the future. The investments made in the package would facilitate long overdue repairs and improvements to our roads, bridges, rail, and public transportation, and other critical infrastructure, such as airports, ports, broadband, energy, and water systems. The undersigned organizations encourage all members of the U.S.
We, the undersigned associations, write to state our unequivocal support for the continuation of stepped-up basis. Stepped-up basis prevents family-owned businesses and farms from being hit with two significant and damaging tax bills when a family member passes away—the capital gains tax on any appreciated assets and the estate tax on whatever is left. The FBETC opposes any changes to stepped-up basis that would impose this double death tax and increase taxes on family-owned businesses and farms—including administratively unworkable “protections” that simply delay destructive tax hikes.
As the Ways and Means Committee considers possible tax changes in connection with budget reconciliation legislation, the undersigned organizations urge you to retain the present-law percentage depletion tax deduction. The percentage depletion deduction contributes significantly to the role U.S. mineral, coal, natural stone, aggregates, and independent oil and gas producers play in fostering continued American economic prosperity. Maintaining a strong natural resources production sector and limiting our dependence on foreign production is critical to the growth of the U.S. economy.
The undersigned organizations representing millions of individually- and family-owned businesses strongly urge you to reject any measures that would raise taxes on Main Street employers as part of the upcoming reconciliation bill. Individually- and family-owned businesses are the cornerstone of the American economy. They represent nearly all businesses, they employ the vast majority of private sector workers, and they are the building block upon which innumerable communities across this country are built.
As the Finance Committee considers possible tax changes in connection with budget reconciliation legislation, the undersigned organizations urge you to retain the presentlaw percentage depletion tax deduction. The percentage depletion deduction contributes significantly to the role U.S. mineral, coal, natural stone, aggregates, and independent oil and gas producers play in fostering continued American economic prosperity. Maintaining a strong natural resources production sector and limiting our dependence on foreign production is critical to the growth of the U.S.
The Highway Materials Group (HMG) thanks you for your leadership and urges immediate passage of the Infrastructure Investment and Jobs Act (IIJA) – H.R. 3684 – before the current one-year extension of the FAST Act expires on September 30th. We are appreciative of the robust levels IIJA provides our surface transportation network and the countless improvements it will provide our dilapidated infrastructure network.