The U.S. House today passed H.R. 5376, the $1.75 trillion budget reconciliation bill which has been marketed by Democrats as the “Build Back Better Act.” If approved as-is by the Senate, the legislation will allocate roughly $1.75 trillion in spending over a 10-year period. The bill passed largely along party lines by a vote of …
Tag: 2021 Budget Reconciliation
PIA Requests Removal of Tax Reporting Provision from Reconciliation Package
PIA has been vocal in our opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on all bank accounts over a certain de minimis amount. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service …
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Congress Seeks to Expand Federal Oversight to State Workers’ Comp Programs
PIA strongly opposes a proposal that would expand federal oversight to potentially include state workers’ compensation programs. Recently, the House Education and Labor Committee, chaired by Rep. Bobby Scott (D-VA) passed the labor portions of the administration’s pending budget reconciliation package. It includes an allocation of $121 million to dramatically expand federal authority over the …
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PIA Reiterates Opposition to Burdensome Small Business Reporting Proposal
PIA has been advocating in opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) information on …
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PIA Opposes Burdensome Tax Reporting Requirements for Small Businesses
On September 17, PIA, along with several business groups, wrote to U.S. House leadership to oppose a proposal included in the reconciliation package currently under consideration that would impose a broad new tax information reporting requirement on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to …
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