Engineering Inc. - May/June 2013 - (Page 6)
A
CHRIS MADDALONI/GETTY IMAGES
CEC submitted a statement of tax
principles to the House Committee
on Ways and Means in April, calling
for comprehensive reforms that treat C corporations and pass-through businesses—such
as S corporations and partnerships—equally.
The Council also recommended that the
tax code support innovation and the competitiveness of American firms in the global marketplace by encouraging research and develop-
Rep. Dave Camp (R-Mich.)
ment, as well as investment in new equipment
and technologies. ACEC also stressed that the
tax code should promote the development of
the nation’s critical infrastructure, including
highways, bridges, energy, transit systems,
water and wastewater.
Ways and Means will develop tax reform
legislation this year based in part on the input
it receives from stakeholder groups. The Senate Finance Committee is also analyzing tax
reform options with the goal of producing
legislation.
One tax change under consideration by
Ways and Means Committee Chairman Dave
Camp (R-Mich.) is limiting the use of the
cash method of accounting to sole proprietors
and firms with less than $10 million in revenues. ACEC has alerted the committee that
the proposal would create serious cash-flow
problems for many engineering firms if they
were required to switch to accrual accounting.
The committee has asked for additional information on this issue.
6
ENGINEERING INC.
MAY / JUNE 2013
P
resident Obama’s F.Y. 2014 budget proposal includes $50 billion in new
infrastructure investments and new tax revenues to reduce the deficit.
The plan would fully fund MAP-21 programs and allocate an additional $25 billion for highways, $9 billion for transit, $5 billion for passenger
rail and $3 billion for aviation infrastructure. The reauthorization of the passenger rail program would provide $40 billion over five years to improve
existing service and develop new high-speed rail corridors. To leverage
private and public sources of capital, the president would create a National
Infrastructure Bank and the America Fast Forward tax-credit bond program.
ACEC strongly backs fully funding MAP-21 and continues to support innovative financing mechanisms—including the National Infrastructure Bank—to
supplement traditional funding streams for transportation projects.
Funding for airport projects under the Airport Improvement Program is
reduced from $3.35 billion to $2.9 billion in 2014, but the budget proposes
raising the cap on Passenger Facility Charges from the current $4.50 per
ticket to $8.
The budget submission proposes cuts to federal water programs, reducing
funding for the State Revolving Fund programs by $472 million. The budget
does, however, propose lifting the cap on Private Activity Bonds for water and
sewage projects, a policy long advocated by ACEC.
The president proposes numerous tax changes, including business incentives for new investment and making permanent the tax credits for research
and development, renewable energy and energy efficiency. The package
would raise nearly $600 billion in new tax revenue through requiring households with annual incomes of more than $1 million to pay at least 30 percent
in taxes, limiting the value of tax deductions and other tax benefits for upper
income households, and raising new revenues from various business sectors.
One tax change has raised concerns among state and local governments,
including the National League of Cities, as well as ACEC and other stakeholders.
The budget proposal seeks to limit tax deductions for higher-income Americans,
which in turn will impact investments in tax-free municipal bonds and limit the
ability of local governments to raise revenues for infrastructure projects. ACEC
is working with these organizations to protect municipal bond financing.
JACQUELYN MARTIN/AP PHOTO
ACEC Submits Tax
Reform Principles
To Congress
President’s Budget Proposes
National Infrastructure Bank
JOHN HUMBLE/GETTY IMAGES
Legislative Action
Table of Contents for the Digital Edition of Engineering Inc. - May/June 2013
Engineering Inc. - May/June 2013
Contents
From ACEC to You
Market Watch
Legislative Action
2013 Engineering Excellence Awards
Annual Convention Wrap-Up
Mobile Power
Guest Column
Business Insights
Members in the News
Mergers & Acquisitions
Engineering Inc. - May/June 2013
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