Inside The Beltway Update: New Federal Climate, Energy Law; Credit Card Competition
President Biden signed into law the Inflation Reduction Act (IRA) – a climate, health, and tax-focused reconciliation package.
The IRS does not impose new taxes on small businesses (such as the proposed 3.8% tax on business income) and does not raise individual, corporate, capital gains rates, or change step up in basis.
The main cost of the bill is $360 billion for clean and traditional energy development.
At the urging of EMA and other industry groups, Senator Maggie Hassan (D-NH) clarified in the Congressional Record that Section 13704 of IRA – which addresses production tax credits for biofuels – includes residential and commercial heating fuel.” Senate Finance Committee Chairman Ron Wyden (D-OR) confirmed Senator Hassan’s clarification.
With passage of the IRA, both the House and the Senate are away from DC and will return after Labor Day.
Credit Card Competition
EMA continues efforts to engage Congressional members and staff to promote our remaining 117th Congress priorities.
Last week, EMA contacted House and Senate senior staff to urge support for S.4674, The Credit Card Competition Act.
Introduced by Senators Richard Durbin (D-IL) and Roger Marshall (R-KS), the bipartisan legislation would give retailers greater choice for routing credit card transactions, resulting in cost savings that will be passed onto the consumer.
EMA members are encouraged to request that their Members of Congress cosponsor the legislation.