Engineering Inc. - September/October 2006 - 9

After reviewing all submitted comments, EPA and the Corps plan to publish a
final rule later in the year. Estate Tax Compromise in Play The Senate is
considering recently passed legislation from the House as part of a
renewed effort to find a compromise on extending reduc- tions to the
so-called death tax, or estate tax. ACEC played a lead role in passing
legislation in 2001 that phases out the estate tax by 2010. The Council
supported the legislation because many member firms are family-owned
businesses. Congres- sional budget rules at that time, however, would not
permit the ACEC marks Anniversary of Highway System change to remain
permanent, a situation that could result in the tax Congress was joined by
ACEC and other industry organi- reverting to the previous 55 percent rate
in 2011. zations in recently celebrating the 50th anniversary of the The
House-passed bill H.R. 5970 would take effect in 2011 Eisenhower
Interstate Highway System. and exempt the first $5 million of an
individual's estate from taxes, The event was recognized through numerous
events in and exempt up to $10 million for couples. Assets between those
the nation's capital, including special congressional hear- levels and $25
million would be taxed at the capital gains rate of 15 ings highlighting
the importance of the system to the percent, with estates above $25
million taxed at 30 percent. growth of the nation. Senate Majority Leader
Bill Frist R-Tenn. is working to build ACEC members played crucial support
for the bill, with a vote possible when Congress returns after roles in
designing and implementing the August recess. UPi PhoTo/KEvin
DiETSch/nEwScom this system, which has enhanced the ACEC, industry Urge
Senate quality of American life and created Action on Asbestos Reform an
economy second to none, said ACEC President and CEO Dave ACEC and its
industry allies are urging Senate Majority Leader Bill Raymond. Frist
R-Tenn. to act quickly on leg- President Dwight D. Eisenhower's islation
to reform the flawed asbestos Richard Capka, signature achievement was the
1956 litigation system. Administrator, Federal passage of the Federal-Aid
Highway The Council joined with a coali- Highway Administration Act, which
led to the development of tion of business, healthcare, veterans the
interstate system. The act created and other organizations in a letter a
tax-based financing mechanism of dedicated user taxes, to Frist urging
quick action on S. and called for uniform design standards and signage for
the 3274, the FAIR Act. Introduced new transportation system. by Senate
Judiciary Committee This year is an opportunity to recognize the
importance Chairman Arlen Specter R-Pa. , of transportation to our economy
and our way of life, the measure seeks to end asbestos- said Richard Capka,
the new administrator for the Federal related litigation by creating a
trust Senate Majority Leader Bill Frist Highway Administration. It also is
an opportunity to look fund to compensate victims of asbestos-related
illnesses. The fund R-Tenn. ahead to the next 50 years. would take in an
estimated $140 plurality opinion authored by Justice Antonin Scalia notes
that the billion. The lion's share $90 billion would come from companies
Sixth Circuit applied the wrong standard to determine if these wet- that
are defendants in asbestos lawsuits. Another $46 billion would lands are
covered waters of the United States. come from insurance companies. And $4
billion would be covered In related news, ACEC voiced general support for a
proposed rule by trusts established by now-bankrupt companies. by the EPA
and the Corps of Engineers to standardize the compensa- Specter held a
hearing in June on S. 3274, which is a modified tory wetlands mitigation
process a key priority among industry version of the FAIR Act that he
introduced and the Senate con- client organizations. sidered earlier this
year. The major change in Specter's new bill is On the regulatory front,
more than 400 comments were submit- that it would sunset the Trust Fund
once the $140 billion has been ted to the EPA on its proposed rule,
including those from home- expended, and revert claims back to the tort
system. The change was builders and other ACEC client groups. In addition
to the Council, added to address concerns that the Trust Fund could have
become an these groups offered general support for the rulemaking, as well
as a open-ended liability for the federal government. number of technical
changes designed to improve the final rule. These industries have long
argued the need for greater clarity in Fo R moRE nEWS the rules governing
wetlands mitigation projects. The proposed rule For weekly legislative
news, seeks to establish simplified guidelines along with standardized
defi- visit acEc's Last Word online nitions and processes for undertaking
mitigation activities to offset at www.acec.org. affected wetlands in
development projects. SEPTEMBER / OCTOBER 2006 ENGINEERING INC.
http://www.acec.org
Engineering Inc. - September/October 2006

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