The $550 billion spending portion of President Obama's economic stimulus legislation, including over $153 billion for the construction industry, was reported out of the House Appropriations Committee January 21, and is expected to come to a vote on the House floor next week. Republican amendments offered in the committee in efforts to move $122 billion from spending into tax cuts were all defeated. The committee vote to discharge the bill was strictly along party lines, Democrats supporting it and Republicans opposing it.
In the order they were taken up on the agenda, the following changes were made to the committee print of the bill which has been in circulation:
The committee voted 55-0 to add a requirement that all steel used in construction projects funded by the bill be produced in the United States.
The committee voted 42-16 to require all construction projects funded by the bill to pay tradesmen prevailing wages under the Davis Bacon Act.
On a voice vote the committee approved a requirement that contractors on projects funded by the bill check the immigration status of new hires, and use the federal government E-Verify system to screen out all employees who are illegal immigrants.
The House Ways and Means Committee is marking up its $275 billion tax portion of the bill January 22, and is expected to extend the new five year tax loss carry back provision a few months into 2010, to give the break to retailers whose fiscal year ends in January because of Christmas shopping revenues.
Balancing the added cost of that provision is the exclusion of any financial institution receiving TARP funds from the tax loss carry back.
The home building industry is lobbying for additional tax benefits, in the form of a two year suspension of the taxability of debt restructuring as gross income. While Ways and Means may not include this extra tax break, Senator John Ensign of Nevada expects to introduce it into the Senate version in the Finance Committee.
Majority Leader Reid expects the Senate Finance and Appropriations Committees will both mark up the bill January 27, and he agrees with Speaker Pelosi that Congress will have the final bill on President Obama's Oval Office desk before the scheduled February 13 recess.
In the order they were taken up on the agenda, the following changes were made to the committee print of the bill which has been in circulation:
The committee voted 55-0 to add a requirement that all steel used in construction projects funded by the bill be produced in the United States.
The committee voted 42-16 to require all construction projects funded by the bill to pay tradesmen prevailing wages under the Davis Bacon Act.
On a voice vote the committee approved a requirement that contractors on projects funded by the bill check the immigration status of new hires, and use the federal government E-Verify system to screen out all employees who are illegal immigrants.
The House Ways and Means Committee is marking up its $275 billion tax portion of the bill January 22, and is expected to extend the new five year tax loss carry back provision a few months into 2010, to give the break to retailers whose fiscal year ends in January because of Christmas shopping revenues.
Balancing the added cost of that provision is the exclusion of any financial institution receiving TARP funds from the tax loss carry back.
The home building industry is lobbying for additional tax benefits, in the form of a two year suspension of the taxability of debt restructuring as gross income. While Ways and Means may not include this extra tax break, Senator John Ensign of Nevada expects to introduce it into the Senate version in the Finance Committee.
Majority Leader Reid expects the Senate Finance and Appropriations Committees will both mark up the bill January 27, and he agrees with Speaker Pelosi that Congress will have the final bill on President Obama's Oval Office desk before the scheduled February 13 recess.
