NRCA member Curtis Construction participates in tax roundtable in North Carolina
On Aug. 22, NRCA member Curtis Construction, Kinston, N.C., participated in a congressional tax event hosted by Congressman Greg Murphy (R-N.C.) in Greenville, N.C. Kelly Casey of Curtis Construction provided testimony to the panel regarding the value of the 199A qualified business income deduction for pass-through businesses. This deduction is set to expire at the end of 2025 without congressional action. Murphy heard from individuals from a wide range of industries who emphasized what the deduction means for their businesses and how it has helped them invest in their communities. This was the third roundtable in a series led by the Main Street Employers Coalition to raise awareness regarding the importance of this provision, and NRCA is happy to have the opportunity to participate.
OSHA publishes proposal to establish a new heat illness standard
On Aug. 30, the Occupational Safety and Health Administration published the full text of its Notice of Proposed Rulemaking to establish a new heat illness standard in the Federal Register. This proposed rule previously had been announced in July and released in unofficial form along with a fact sheet and related information. It seeks to establish a specific federal regulatory standard to protect employees from heat illness in indoor and outdoor work settings and is the culmination of several years of work by OSHA to craft a new standard. NRCA has been actively engaged in the regulatory process since it began in 2021 and will continue reviewing the proposal and soliciting feedback from members. The rulemaking provides for a 120-day public comment period with comments due by Dec. 30. Agency officials also have indicated there will be a post-comment period hearing that will provide further opportunity to receive public input regarding the proposal.
NRCA joins more than 150 organizations to support a delay of the Corporate Transparency Act
On Sept. 3, NRCA joined with 150 organizations to support new legislation to require a one-year delay of reporting requirements for existing businesses under the Corporate Transparency Act.
This bipartisan legislation, H.R. 9278—sponsored by Rep. Zach Nunn (R-Iowa), Rep. Yadira Caraveo (D-Colo.), Rep. French Hill (R-Ark.) and Rep. Sharice Davids (D-Kan.)—provides the business community and federal regulators additional time to educate millions of small-business owners regarding the Corporate Transparency Act’s new reporting requirements and the onerous penalties resulting if they fail to comply. They also would allow time for the ongoing legal challenge to work its way through the courts while restoring Congress’s original intent to give covered entities ample time to comply with the statute’s reporting requirements.
IRS proposes regulations regarding Clean Electricity Low-Income Communities Bonus Credit Amount Program
On Aug. 30, the IRS issued proposed regulations regarding the Clean Electricity Low-Income Communities Bonus Credit Amount Program, which provides a 10 or 20 percentage point increase to the investment tax credit for qualified solar and wind energy facilities in certain distressed areas. This provision was established pursuant to the Inflation Reduction Act of 2022 for calendar years 2025 and succeeding years. The IRS states “applicants investing in certain clean electricity generation facilities that produce electricity without combustion and gasification may apply for an allocation of environmental justice capacity limitation to increase the amount of the clean electricity investment credit for the taxable year in which the facility is placed in service.” Comments are due Oct. 3 and the public hearing is scheduled for Oct. 17.
