Action Alerts on tax extenders, estate tax, and energy efficient cash grants (1603) – Hopefully you have received in your email inboxes several calls to action on legislation being considered before the House and Senate. The first of our alerts involved extension of cash grants for renewable energy also referred to as Section 1603 grants that are set to expire unless Congress acts to extend them before the end of the year. These grants were included as part of the stimulus bill and arguably are more effective at stimulating investment in renewable energy than through tax incentives where the beneficiary of the energy savings must wait until tax time to reap the tax benefit.

Another Alert was issued earlier this week when it was learned that the House of Representatives would be considering extending several of the tax incentives passed in 2001 and 2003. The legislation currently before the House would extend those tax cuts, but only for those with incomes valued at less than $250,000. On Thursday afternoon, the House passed the tax extension legislation, sending the bill to the Senate. Meanwhile, President Obama’s team of financial advisors and a bipartisan task force of Congressmen will be meeting to explore a more permanent solution to these tax extenders. 

NECA is lobbying for permanent extension of the tax cuts and for permanent modification of the estate tax as well as for the extension of the 1603 cash.

Repeal of the corporate reporting burdens, commonly referred to as 1099’s, were considered in the Senate earlier this week. Amendments were offered by Senators Johanns (R-NE) and Baucus (D-MT), but both fell short of the 67 votes needed for passage. Senator Baucus’ recent statements suggest recognition of the burdens that these reporting requirements will have on small businesses and his commitment to repeal these reporting burdens.

NECA signs on in support of combined heat and power comments to EPA – NECA joined with several of its coalition partners from the Alliance for Industrial Efficiency in sending a letter to the Environmental Protection Agency recognizing combined heat and power (CHP) and “Waste Heat” as key technologies capable of helping achieve carbon emission reductions. Many NECA contractors previously responded to a survey indicating CHP was included among services offered; NECA is seeking to expand the role of CHP and other renewable energies in effort to reduce dependence on foreign sources of energy.

Lake and Kristen visited with Republican Congressman Paul Ryan, a favorite of NECA’s Wisconsin and Milwaukee chapters. Ryan held a thank you reception earlier this week for those contributions to his 2010 campaign. Ryan will play a prominent role among the Republican leadership as he maintains a seat on both the Ways and Means (tax and revenue) and Budget committees. Lake and Kristen spoke with Ryan regarding several of NECA’s tax legislative priorities.

On Monday, Lake and Kristen participated in the swearing-in events for Illinois Republican Senator Mark Kirk. NECA members Ken Aldridge, Steve Diamond (Kirk finance committee member), and Jim McGlynn all flew in for the event. Kirk’s election and the timing of his arrival in Washington is critical as he is able to vote during this lame duck session. In his thank you remarks, Senator Kirk referred to himself as a “fiscal conservative and social moderate” and specifically mentioned thanks to Ken Aldridge for arranging and facilitating travel arrangements for Kirk’s swearing in celebration for a military family who lost a family member in Afghanistan. With the strong relationship of several Illinois members and chapter executives, NECA looks forward to a rewarding working relationship with the Senator over the next 6 years.

Lake participated in a thank you lunch for San Diego Republican Congressman Brian Bilbray. Bilbray maintains close ties with Andy Berg and Karen Prescott from NECA’s San Diego chapter. Lake spent time with Bilbray’s chief of staff Steve Danon.

Lake and Kristen attended a thank you reception for the Blue Dog Coalition where they had the opportunity to thank some NECA allies who will not be returning next Congress, including Rep. Mike Arcuri (D-NY), Rep. Allen Boyd (D-FL) and Rep. Charlie Wilson (D-OH). They also spoke to returning NECA allies Rep. Mike McIntyre (D-NC), Rep. Joe Donnelly (D-IN), a member of the Financial Services Committee, and Rep. Heath Shuler (D-NC).

Kristen attended events for a few incoming Republican Senators, including Senator-elect John Boozman (R-AR) and Senator-elect Jerry Moran (R-KS). Also, Kristen attended a fundraiser for Rep. Tom Price (R-GA) wherein she updated the Congressman on FASB’s proposed rules. Lake and Kristen plan to meet with the Congressman’s staff next week to discuss FASB.