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).

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 undersigned companies and organizations strongly endorse the Recognizing and Ensuring Taxpayer Access to Infrastructure Necessary for GPS and Satellite Communications Act or the “RETAIN GPS and Satellite Communications Act” introduced today. This legislation would ensure that the costs incurred by the public sector, businesses and consumers as a result of the FCC’s decision to permit Ligado Networks LLC to use spectrum in a way that would cause interference to GPS and satellite communications would be covered by Ligado—the licensee benefiting from the decision.

The undersigned trade associations represent millions of individually- and family-owned businesses operating in every sector of the American economy. We write to voice our strong opposition to any reductions or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. Section 199A is an essential part of the Tax Code.

We, the undersigned members of the Family Business Estate Tax Coalition (FBETC), write to state our unequivocal support for the continuation of stepped-up basis and to highlight the attached study from EY illustrating the economic damage that step-up repeal via tax at death would inflict.

On behalf of the National Stone, Sand & Gravel Association (NSSGA) and the aggregates industry we represent, we welcome today’s hearing titled Long-term Solvency of the Highway Trust Fund: Lessons Learned from the Surface Transportation System Funding Alternatives Program and Other User-based Revenue Solutions, and How Funding Uncertainty Affects the Highway Programs. As you well know, the Highway Trust Fund (HTF) is dependent on outdated and insufficient user fees, and absent proactive solutions and new revenue models, the HTF will be financially insolvent in the very near future.

As your committees begin work to reauthorize surface transportation programs, we write in support of creating a comprehensive national vehicle miles traveled (VMT) implementation program.