The package came in two parts: a 328 page committee print of a tax bill from House Ways and Means Chairman Charles Rangel co-sponsored by Representatives Stark and McDermott, and a 258 page committee print of an appropriations bill from House Appropriations Chairman Dave Obey, accompanied by a 76 page draft Appropriations Committee report. Altogether the spending totals $550 billion and the tax cuts total $275 billion, for a grand total proposed economic stimulus of $825 billion.
My last update detailed the $153 billion in spending designated for the construction industry, which the Appropriations Committee draft report notes is the segment of the economy most devastated by the present crisis. Committee markups in the House will begin tomorrow, when Congress reconvenes after the inaugural festivities.
Two highlights of the committee print of the tax legislation important to the construction industry are permanent repeal of the impending 3% additional withholding tax on government contractors, and provision that all construction projects funded by tax advantaged bonds created under this legislation must adhere to the prevailing wage provisions of the Davis Bacon Act. These newly created bonds include clean renewable energy bonds, energy conservation bonds, qualified zone academy bonds and school construction bonds.
One key provision of the appropriations committee print is the requirement for creation of a website at recovery.gov - it hasn't been created yet - where all projects funded by these appropriations will be listed. The legislation intends this as a public site for oversight of how the money is being used. While the appropriations committee draft report suggests that projects may be posted on this site before bids are taken, the committee print of the bill does not mandate that this be done. Hopefully that situation will be remedied in the markups, so this website will provide a centralized reference available to all prospective bidders on these projects.
Other key prohibitions of the appropriations committee print are that none of this money can go to companies owned in any part by illegal immigrants, and none may be used for construction of casinos, other gambling establishments, aquariums, zoos, golf courses or swimming pools.
The committee print requires the federal government to award formula grants within 30 days after the bill is signed, and competitive grants within 90 days after the bill is signed. The six month clawback provisions which were contained in HR 7110 passed last session have been replaced in the committee print by "use it or lose it" requirements that funds be reallocated if not spent by state and local authorities 50% within one year after passage of the legislation, and 100% within two years after passage.
The appropriations committee print includes protection for federal, state, local and contractor whistleblowers who report fraud in the expenditure of any of these funds. It also requires that construction projects funded by these appropriations be awarded as competitively bid, fixed price contracts.
For your convenience, links to the full text of both committee prints and the Appropriations Committee draft report are included in the lower right corner of the front page of my website. Just follow this link: http://james-g-mcconnell.com/
My last update detailed the $153 billion in spending designated for the construction industry, which the Appropriations Committee draft report notes is the segment of the economy most devastated by the present crisis. Committee markups in the House will begin tomorrow, when Congress reconvenes after the inaugural festivities.
Two highlights of the committee print of the tax legislation important to the construction industry are permanent repeal of the impending 3% additional withholding tax on government contractors, and provision that all construction projects funded by tax advantaged bonds created under this legislation must adhere to the prevailing wage provisions of the Davis Bacon Act. These newly created bonds include clean renewable energy bonds, energy conservation bonds, qualified zone academy bonds and school construction bonds.
One key provision of the appropriations committee print is the requirement for creation of a website at recovery.gov - it hasn't been created yet - where all projects funded by these appropriations will be listed. The legislation intends this as a public site for oversight of how the money is being used. While the appropriations committee draft report suggests that projects may be posted on this site before bids are taken, the committee print of the bill does not mandate that this be done. Hopefully that situation will be remedied in the markups, so this website will provide a centralized reference available to all prospective bidders on these projects.
Other key prohibitions of the appropriations committee print are that none of this money can go to companies owned in any part by illegal immigrants, and none may be used for construction of casinos, other gambling establishments, aquariums, zoos, golf courses or swimming pools.
The committee print requires the federal government to award formula grants within 30 days after the bill is signed, and competitive grants within 90 days after the bill is signed. The six month clawback provisions which were contained in HR 7110 passed last session have been replaced in the committee print by "use it or lose it" requirements that funds be reallocated if not spent by state and local authorities 50% within one year after passage of the legislation, and 100% within two years after passage.
The appropriations committee print includes protection for federal, state, local and contractor whistleblowers who report fraud in the expenditure of any of these funds. It also requires that construction projects funded by these appropriations be awarded as competitively bid, fixed price contracts.
For your convenience, links to the full text of both committee prints and the Appropriations Committee draft report are included in the lower right corner of the front page of my website. Just follow this link: http://james-g-mcconnell.com/
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