NAWBO National 116th Congress Bipartisan Advocacy Efforts | NAWBO

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NAWBO National 116th Congress Bipartisan Advocacy Efforts

SMALL BUSINESS OWNERS’ SIMPLICATION TAX ACT

BACKGROUND: NAWBO National is pleased to support this bipartisan legislation introduced by House Small Business Committee Ranking Member Steve Chabot that would provide small business owners with much needed clarity as they navigate the complex United States tax code by updating the code to reflect both technological advancements and modern business models. More specifically, the bill: · Aligns quarterly reporting deadlines with actual quarter ends; · Aligns income tax filing thresholds for consistency (1099-MISC, 1099k, etc.); · Updates electronic signature requirements; · Outlines anti-fraud measures by requiring pre-notification testing of recipient information before direct deposits can be refunded; · Allows small business owners to both offer and participate in Cafeteria Plans (HSAs, dental plans, etc.) Current IRS interpretation prevents small business owners from participating; · Excludes self-employment income from Social Security Quarters Coverage; · Excludes loan forgiveness from being counted toward income for entrepreneurs who work in high-need and distressed areas; · Allows voluntary withholding agreements (withholding a certain amount from an employee’s payroll check) without impacting a worker’s classification status; and · Allows voluntary training services (safety courses, tax compliance courses, etc.) to be offered to contractors without impacting a worker’s classification status.

Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_Small%20Business%20Owners%20Tax%20Simplification%20Act.pdf

When asked how the tax reform package of 2017 has impacted their business, NAWBO members responded saying:

Overall impact positive: 17.86%
Overall negative impact: 10.59%
Overall impact neutral: 26.38%
Too soon to tell: 45.17%


CONTROLLING HEALTH CARE COSTS

BACKGROUND During last fall’s Small Business Roundtable (SBR) post-election survey and action event, we found that health care ranked #1 among respondents when it comes to the chief concerns of small business owners. This issue was raised during a call with our NAWBO National Workforce Council and it resonated there as well. To that end, NAWBO National signed two letters of support for bills aiming to control health care costs for business owners. (1) S.80 - The Jobs and Premium Protection Act, introduced by Sen. John Barrasso (R-WY), aims to control health care costs for business owners by repealing the annual fee. (2) S.172 - Health Insurance Tax Relief Act of 2019, introduced by Sen. Cory Gardner (R-CO), brings relief to businesses by extending the current moratorium through 2021. S.80
Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_S.80%20-%20Jobs%20and%20Premium%20Protection%20Act_Barrasso%20signed.pdf S.172
Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_S.172%20-%20Health%20Insurance%20Tax%20Relief%20Act%20of%202019_Gardner%20signed.pdf


S. 673 EXPANDING CONTRACTING OPPORTUNITIES FOR SMALL BUSINESSES ACT OF 2019

BACKGROUND S.673 - Expanding Contracting Opportunities for Small Businesses Act of 2019, from Senators Joni Ernst (R-IA) and Tammy Baldwin (D-WI), sets out to amend the Small Business Act to eliminate the inclusion of option years in the award price for sole source contracts to grant more opportunities for small businesses to compete for federal contracting opportunities. It also requires contracting officers to notify and coordinate with the SBA to ensure eligible small businesses are winning sole-source awards. A bipartisan version of this bill was passed by the U.S. House earlier this year. S.673

Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_S.673-%20The%20Expanding%20Contracting%20Opportunities%20for%20Small%20Businesses%20Act_Ernst.pdf


H.R.1909 THE HELPING ANGELS LEAD OUR STARTUPS (HALOS) ACT

BACKGROUND House Small Business Committee Ranking Member Steve Chabot (R-OH) alongside Rep. Brad Schneider (D-IL) reintroduced H.R. 1909, the Helping Angels Lead Our Startups (HALOS) Act, bipartisan legislation to increase investment in America’s startups. This legislation provides important clarification to the definition of angel investor groups and exempts “demo days” from the Securities Exchange Commission’s General Solicitation rules thereby increasing investment in our country’s startups. H.R.1909
Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_HALOS%20Act_Chabot.pdf


H.R. 1994 THE SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT (SECURE) ACT OF 2019

BACKGROUND Introduced by Chairman of the Ways and Means Committee Richard Neal (D-MA-1) this bipartisan legislation will expand opportunities for Americans to increase their retirement savings and improve the portability of lifetime income options from one plan to another. The U.S House passed the SECURE Act on May 23 with a vote of 417-3. Next we would like action in the U.S. Senate. The NAWBO National Annual Membership Survey reveals that too few of our members are preparing for retirement for themselves or their employees. This is an all too common problem among small business owners. H.R.1909
Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_The%20Setting%20Every%20Community%20up%20for%20Retirement%20Enhancement%20(SECURE)%20Act%20of%202019_%20Neal.pdf


SMALL BUSINESS ADVANCED CYBERSECURITY ENHANCEMENT ACT OF 2019

BACKGROUND This proposed legislation introduced by the Ranking Member of the House Small Business Committee Steve Chabot (R-OH) would direct the Small Business Administration in coordination with the Department of Commerce to create a central small business cybersecurity assistance unit as well as small business cybersecurity assistance units in each small business development center. H.R. 1648

Letter of Support: https://www.nawbo.org/sites/nawbo/files/Letter%20of%20Support_Small%20Business%20Advanced%20Cybersecurity%20Enhancement%20Act%20of%202019%20_Chabot.pdf


SCHATZ, MURKOWSKI BIPARTISAN RESOLUTION TO ENSURE FAIR CENSUS

BACKGROUND U.S. Senators Brian Schatz (D-Hawai‘i) and Lisa Murkowski (R-Alaska)’s bipartisan resolution to ensure the 2020 Census is fair and accurate. The resolution encourages individuals, families, and households across the United States to take part in the Census so that all communities can be counted. For NAWBO Members, a robust data set provides business owners with better information to make knowledgeable decisions about scaling their business into the next decade.

NAWBO National is proud to support this resolution.

More in the press release here: https://www.schatz.senate.gov/press-releases/schatz-murkowski-urge-passage-of-bipartisan-resolution-to-recognize-critical-role-of-census-importance-of-full-and-accurate-count


ENHANCING ENTREPRENEURSHIP FOR THE 21ST CENTURY

BACKGROUND As you may know, new business formation rates have fallen to a 40-year low. NAWBO, like many of our peers in the business community, is concerned about what this will mean for our country’s innovative and economic future.

In November, the U.S. Senate introduced the Enhancing Entrepreneurship for the 21st Century Act, a bipartisan bill co-sponsored by Senators Amy Klobuchar (D-MN) and Tim Scott (R-SC),which would require a collaborative effort between all relevant government agencies to produce a comprehensive study into the underlying factors driving the current “startup slump.” In addition, the House Entrepreneurship Caucus introduced a companion bill to the NAWBO supported, S.2535 Enhancing Entrepreneurship for the 21st Century Act. The House Entrepreneurship Caucus Co-Chair Congressman French Hill (AR-02), introduced H.R. 4960 Enhancing Entrepreneurship for the 21st Century Act. Original cosponsors of the bill included Entrepreneurship Caucus Co-Chair Congressman Bill Foster (D-IL), Congressman Steve Chabot (R-OH), Congresswoman Stephanie Murphy (D-FL), Congressman David Schweikert (R-AZ) and Congressman Marc Veasey (D-TX).

NAWBO is a proud supporter of this bipartisan effort to receive sound research to help advance entrepreneurship in America.

 


EMPLOYER PARTICIPATION IN REPAYMENT ACT OF 2019

BACKGROUND The Employer Participation in Repayment Act of 2019 is a bipartisan bill introduced by U.S. Representative Scott Peters (CA-52), which would expand the tax exclusion for employer-provided educational assistance to include payments of qualified education loans by an employer to either an employee or a lender. The bill is designed to help level the playing field for small business owners to attract and retain employees.

NAWBO is a proud supporter of this bipartisan effort.

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