AGC FINANCIAL ISSUES COMMITTEE FEDERAL TAX UPDATE · FEDERAL TAX UPDATE JANUARY 2015 Brian J. Lenihan Director, Tax, Fiscal Affairs, and Accounting Associated General Contractors

AGC FINANCIAL ISSUES COMMITTEE

FEDERAL TAX UPDATE JANUARY 2015

Brian J. Lenihan Director, Tax, Fiscal Affairs, and Accounting

Associated General Contractors of America

202.547.4733 | [email protected]

About Today’s Presenter

Brian is a lobbying professional with over a decade of experience in

Washington representing associations, clients, and Members of

Congress. As Director of Tax, Fiscal Affairs & Accounting, Brian

oversees the formulation of the industry’s positions on tax issues, in

consultation with AGC members, senior AGC staff, and consultants.

Previously, as the Legislative Director for a member of the Ways &

Means Committee, Brian formulated and executed the Congressman’s

legislative agenda focusing on tax and health issues. Brian has

represented a number of clients before Congress, including Fortune

ranked companies, municipalities, defense contractors, development

authorities, private enterprises, associations and non-profits.

Brian is a frequent speaker and panelist for tax meetings in DC and

including AGC Financial Issues Forum and the AGC-CFMA

Construction Financial Management Conference.

AGC Financial Issues Committee 2015 Winter Meeting



Republicans Win Solid Majority in Senate

46 Democrats Republicans 54

OH

WV VA

PA

NY

ME

NC

SC

GA

TN

KY

IN

MI

WI

MN

IL

LA TX

OK

ID

NV

OR

WA

CA

AZ

NM

CO

WY

MT ND

SD

IA

UT

FL

AR

MO

MS AL

NE

KS

VT

NH

MA

RI CT

NJ

DE

MD

AK

HI

AK


NET 9 SEATS

AK: Sullivan (R)

AR: Cotton (R)

CO: Gardner (R)

NC: Tillis (R)

IA: Ernst (R)

LA: Cassidy (R)

KS: Roberts (R)

KY: McConnell (R)

GA: Perdue (R)

More Republicans Up in 2016 Senate Landscape

24 Democrats Republicans 10

AK


OH

WV

VA

PA

NY

ME

NC

SC

GA

TN

KY

IN

MI

WI

MN

IL

LA TX

OK

ID

NV

OR

WA

CA

AZ

NM

CO

WY

MT ND

SD

IA

UT

FL

AR

MO

MS AL

NE

KS

VT

NH

MA

RI CT

NJ

DE

MD

AK

Republican-Held Seats Democratic-Held Seats

FL: Sen. Marco Rubio (R) is not

likely to draw strong Democratic

opposition if he runs for re-election to

the Senate, but Democrats may be

more interested in this seat if Rubio

elects to enter the presidential

contest.

WI: Sen. Ron

Johnson (R) is a

relatively unknown

quantity in his home

state, and may be too

conservative for a

presidential-year

electorate; Dems are

hoping that former

Sen. Russ Feingold

(D) is interested in a

rematch.

IL: Sen. Mark Kirk (R) won a

close race against a scandal-plagued

opponent in 2010 and faces a deep

bench of potential Democratic

opponents in a very blue state.

NH: Sen. Kelly Ayotte (R)

is well-liked, but running in a

blue state in a presidential

year; Democrats are hoping

popular Gov. Maggie

Hassan (D) enters the race

NC: Sen. Richard Burr (R) is still

relatively unknown after two terms in

the Senate; Democrats are hoping for

a comeback bid by former Sen. Kay

Hagan (D).

NV: Sen. Harry Reid

(D) is an unpopular

representative of

Washington

dysfunction, but a

dogged campaigner;

however, if popular gov.

Brian Sandoval (R)

enters the race, the

minority leader will be

an underdog to hold his

seat in 2016.

AZ: Sen. John McCain (R) is not a sure bet

to run for re-election, but even if he does, he

may face stiff primary competition; Democrats

have a number of competitive candidates,

including Rep. Kyrsten Sinema (D), who is

likely to run if McCain is not on ballot.

PA: Sen. Pat Toomey

(R) is likely too

conservative for PA in a

presidential year, but has

worked to moderate his

record, working with

Democrats on gun

control; currently,

former Rep. Joe

Sestak (D), who lost to

Toomey in 2010 is only

recruit.

CO: Sen. Michael Bennet (D) won a surprise victory

for this seat in 2010, and is likely to have another tough

race in 2016 against an energized Republican base still

celebrating the defeat of Mark Udall in 2014; the GOP’s

top recruit is Rep. Mike Coffman (R).

U.S. Senate Composition

Source: National Journal; CNN Election Center; Associated Press; NBC News.

Analysis

• Republicans expanded their majority to 54 seats on Dec. 6 and will likely have an easier time passing legislation in the Senate because

they will need fewer Democratic defections to overcome filibusters (which require a 60 vote supermajority)

• Finding moderate Dems will be key to passing any GOP priorities – i.e. Manchin (WV), Heitkamp (ND), Donnelly (IN), King (ME),

McCaskill (MO), Casey (PA), Warner (VA)

Control of the 113th Senate (2012-2014)

Democratic

Republican

Independent

Control of the 114th Senate (2014-2016)

Total Seats

Democrats: 46

Republicans: 54

Independents: 2

44 54

Total Seats

Democrats: 53

Republicans: 45

Independents: 2

53 45

2 2


GOP Wins Record Majority in House

Democrats: 188

Republicans: 247

Independents: 0

Democratic Gain

Democratic Hold

Republican Gain

Republican Hold

Analysis

• Pickup of 12 seats would match the Republican Party’s post-World War II record of 246 seats set in 1947.

• Even bigger gains could increase the majority to its largest size since the late 1920s… AND THEY DID – NET 13


U.S. House Composition

Analysis

• Republicans won a total of 247 seats in the House, their largest majority since 1928, when the party won 270

• An expanded GOP majority in the House means that Speaker Boehner will have an easier time passing legislation in the House

without Democratic support, and Republicans will also have an easier time holding on to their majority in future elections

Control of the 113th House (2012-2014)

Democratic

Republican

Vacant

Control of the 114th House (2014-2016)

AK

Total Seats

Democrats: 188

Republicans: 246

Vacancies: 1

188 246

AK

Total Seats

Democrats: 199

Republicans: 233

Vacancies: 3

199 233

3 1


Senate Finance Committee

Committee Members Major Upcoming Issues

Republicans (14)

• Ranking Member:

Orrin Hatch (R-UT)

• Chuck Grassley (R-IA)*

• Mike Crapo (R-ID)*

• Pat Roberts (R-KS) †

• Mike Enzi (R-WY)†

• John Cornyn (R-TX) †

• John Thune (R-SD)*

• Richard Burr (R-NC)*

• Johnny Isakson (R-GA)*

• Rob Portman (R-OH)*

• Pat Toomey (R-PA)*

• Dan Coats (R-IN)*

• Dean Heller (R-NV)

• Tim Scott (R-SC) †

Democrats (12)

• Chairman: Ron Wyden (R-OR)

• Chuck Schumer (D-NY)*

• Debbie Stabenow (R-MI)

• Maria Cantwell (D-WA)

• Bill Nelson (D-FL)

• Bob Menendez (D-NJ)

• Tom Carper (D-DE)

• Ben Cardin (D-MD)

• Sherrod Brown (D-OH)

• Michael Bennet (D-CO)*

• Bob Casey (D-PA)

• Mark Warner (D-VA) †

Dynamics: The Finance Committee leadership will remain in

place, though the control will shift to Republicans. Orrin Hatch

(R-UT) will be chairman and Ron Wyden (D-OR) assumes the

ranking member role.

Tax Reform and Inversions

• The committee may seek to address tax inversions

in next Congressional session; address corporate or

business-only tax reform, however, comprehensive

reform remains unlikely in the short term

• Addressing the perennial nature of “tax extenders”

and making some provisions permanent

• Repatriation of foreign earnings to offset policy

costs

Highway Trust Fund

• The committee will negotiate the overall spending

levels and the mechanism for funding the Highway

Trust Fund (traditionally a gas tax) beyond May 2015

IRS Oversight

• The committee may ramp up investigations into the

actions taken by the IRS processing of applications

for 501(c)(4) tax-exemption status

† Re-elected in 2014 ‡ Retiring after 2014 *Re-election in 2016


House Ways and Means Committee

Committee Members

Ranking Member: Sandy Levin (D-MI)

Charlie Rangel (D-NY)

Jim McDermott (D-WA)

John Lewis (D-GA)

Richard E. Neal (D-MA)

Xavier Becerra (D-CA)

Lloyd Doggett (D-TX)

Mike Thompson (D-CA)

John B. Larson (D-CT)

Earl Blumenauer (D-OR)

Ron Kind (D-WI)

Bill Pascrell (D-NJ)

Joseph Crowley (D-NY)

Danny Davis (D-IL)

Linda Sánchez (D-CA)

Major Upcoming Issues

Dynamics: The Ways and Means Committee leadership

will change hands as Paul Ryan (R-WI) assumes the gavel.

With 3 retirements and a seat added for the GOP – the

committee welcomes 4 new members.

Next week, the first hearing of the year will focus on the

economy (taxes, trade, regulations) and should highlight the

tack the panel will take in the first few months.

Tax Extenders

• With over 55 tax provisions renewed at the end of

113th Congress, the committee must decide which

extenders should expire or be extended by year’s end

Entitlement Reform

• Incoming Chairman has produced budget blueprints to

reform the welfare work requirements, as well as

proposals to reform the Medicare & Medicaid

programs

Trade Policy

• The committee is looking to advance Congressional

approval for trade the Trans-Pacific Partnership (TPP),

potentially by pushing for executive Trade Promotion

Authority (TPA)

Diane Black (R-TN)

Tom Reed (R-NY)

Todd Young (R-IN)

Mike Kelly (R-PA)

Jim Renacci (R-OH)

George Holding (R-NC)

Kristi Noem (R-SD)

Pat Meehan (R-PA)

Jason Smith (R-MO)

Republicans (24) Democrats (15)

Chairman: Paul Ryan (R-WI)

Sam Johnson (R-TX)

Kevin Brady (R-TX)

Devin Nunes (R-CA)

Pat Tiberi (R-OH)

Dave Reichert (R-WA)

Charles Boustany (R-LA)

Peter Roskam (R-IL)

Tom Price (R-GA)

Vern Buchanan (R-FL)

Adrian Smith (R-NE)

Aaron Schock (R-IL)

Lynn Jenkins (R-KS)

Erik Paulsen (R-MN)

Kenny Marchant (R-TX)

Retired in 2014: Dave Camp (R-MI), Jim Gerlach (R-PA), Tim Griffin (R-AR), Allyson Schwartz (D-PA)



The Chairmen

Paul Ryan (R-WI)

Elected: 1998; 8th term

Orrin Hatch (R-UT)

Elected: 1977; 6th term

Leverage Over White House in Negotiations

• Multiple tracks for committee agendas depending on which pieces of reform

A Détente Between the Administration & GOP Led Congress

• No engagement until the appearance of a concrete plan from Congress

• 2015 – 2016 – 2017


Who's In The Driver’s Seat?

• Politically Endangered – more GOP seats held in 2016 that

Obama won - Ayotte (NH), Portman (OH) Johnson (WI), Kirk (IL),

Toomey (PA), Coats (IN), Burr (NC)

• Ideologically Endangered – right-wing challengers for

remaining 2016 incumbents - e.g. Rubio (FL), Murkowski (AK),

Moran (KS)

• Bellwethers – conservative stalwarts: Cotton (AR), Ernst (IA), Sasse (NE), Sullivan (AK)

• Moderates –

• 6 Senate Republicans up in 2016 and 6 Democrats in fickle 2018 seats

• Allies to get 60 – Manchin (WV), Heitkamp (ND), Donnelly (IN), King (ME), McCaskill (MO)

Casey (PA), Warner (VA)

• Of the 16 House Republicans who picked up seats, 11 of them represent districts President

Obama carried in 2012.

• “Pests” – 25 House Republicans voted for an opponent to Speaker Boehner (221 – needs 217)

• 2016’ers – Paul (KY), Cruz (TX), Rubio (FL), Ryan (WI), Portman (OH)



2014 LAMEDUCK

Lame-Duck Outcome: • Tax extenders and a spending bill to keep the government open (CR) were part of the GOP’s strategy to

push back against the White House executive action on immigration status of nearly 5 million people.

• HOUSE passed H.R. 5771, “Tax Increase Prevention Act” on December 3th

• SENATE agreed to the House measure on December 16th

• PRESIDENT signed legislation on December 19th

• The bill addressed all AGCs priorities for 2014

• $44.7 billion over 10 years and not offset

• A broader Senate bill would have ensured at least a two-year extension for the expired provisions

dissipated at the end of November after the White House and liberal Democrats said that it “would

provide permanent tax breaks to help well-connected corporations while neglecting working families.”

• The unusual move to kill the Reid/GOP backed proposal raised suspicions among Senate negotiators

about the White House’s motivations. They believe President Obama’s team is eyeing a hybrid corporate

tax reform deal in 2015, while Republicans that control the Senate and the House are looking to use

“dynamic scoring” to get through Congress a large comprehensive package.

• The Mood of Congress as Members Left Town and Opening Days of 114th Congress (started this week)


Source: National Journal Research, 2014.

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Senate scheduled to be in session

House & Senate scheduled to be in session

Current doc fix patch expires

Highway Trust Fund expires

Debt ceiling suspension estimated end

FY 2016 Begins

President’s Budget & Tax Plan

GOP Budget w/ Reconciliation

First GOP Primary Debate

Key Dates for 2015

State of the Union


Momentum

on tax reform

State of the Union

Corporate coalitions reengage to

advocate for tax code overhaul

Congressional Summer Recess

Highway Trust Fund expires

IA Caucus & NH Primary

Reagan Library GOP primary debate

Momentum for Tax Policy

POTUS Candidates Begin to Declare

GOP Reconciliation Instructions


FY15 Tax Extenders Addressed


Extenders & Other Industry Priorities

The construction industry and its customers advocated for the

renewal, expansion and permanence for the following provisions:

1. Increase the Section 179 maximum deduction limit to $500,000 and $2 million phase-out

2. 50 percent bonus depreciation for qualified property

3. 15-year straight-line cost recovery for qualified leasehold improvements

4. Reduced 5-year holding period for S-corporation recognition for built-in gains tax

5. New Markets Tax Credit (NMTC)

6. Work Opportunity Tax Credit (WOTC) – including qualified veterans

7. Research and Development (R&D) tax credit

8. Renewable energy production and investment tax credits (PTC)

9. Energy efficient commercial buildings deduction under Section 179D

• The sunsetting of the Pension Protection Act of 2006 (PPA) — absent congressional action on

the proposal from the National Coordinating Committee for Multiemployer Plans, “Solutions

Not Bailouts,” AGC recommends an extension of the PPA multiemployer funding provisions

• Increasing by 9 cents per-gallon, the 20-cent-per-gallon user fee paid into the Inland Waterways

Trust Fund (IWTF)

• Lifting the volume cap on Private Activity Bonds (PABs) for water infrastructure and expand

the usage of PABs for government buildings

• Reauthorizing the Terrorism Risk Insurance Act (TRIA) Passed this week 416-5 in House &

Senate approved 93-4 – Obama expected to sign into law.


AGC Tax Policy Principles

22

• Economic growth should be the goal of tax reform

• Tax policy should not pick winners and losers

• Higher taxes should be supported if the money collected is dedicated to public works projects

• Clarity, simplicity and certainty should be the goals of tax reform

• Dollar thresholds should be indexed to avoid stealth tax increases

• A three year phase in of tax policy would be preferable to deal with long term contracts

• Lower rates are preferable to more deductions, and limits on deductions should be looked at if

they accompany rate cuts. Of the deductions, it was determined that accelerated depreciation

was an extremely important policy for the industry

• A gross receipts tax or value added tax would be bad for the construction industry


Construction Industry Tax Priorities

Tax Policy

Elim

inate

s

Un

fair

po

licy

Red

uces

Tax

Lia

bilit

y

(eff

ecti

ve r

ate

)

Red

uces

Co

mp

lexit

y

Red

uces

Co

mp

lian

ce

Co

sts

Go

od

Tax

Po

licy

Cert

ain

ty

(+in

flati

on

)

Un

iqu

e

Imp

ort

an

ce t

o

ind

ust

ry

Eco

no

mic

Gro

wth

Repeal corporate and individual Alternative Minimum Tax – Repeal the

Alternative Minimum Tax for C-corporations and pass-throughs in order to provide

capital needed for businesses to grow and invest

X

X

X

X

X

X

X

X

Percentage-of-Completion Accounting – The threshold at which the

Percentage-of-Completion method of accounting is required should be increased to

$40m indexed for inflation since inception and should be exempt from AMT

X

X

X

X

X

X

X

Lookback Accounting – Eliminate the burdensome Lookback Accounting

requirement for long-term contracts

X X X X X X X

Taxation of Income While In Dispute – Stop taxation of income while in

dispute

X X X X X X X

Domestic Production Activities Deduction – Preserve the Section 199

deduction for the construction industry

X

X

X

X

X

Bonus Depreciation and Capital Expenditures Write-Off Levels – Expand

and make permanent bonus depreciation and enhanced capital expenditures write-

offs to incentivize capital investments and new and used equipment purchases

X

X

X

X

X

Shortened Cost Recovery Period for Leasehold, Retail, and Restaurant

Improvements – Make 15-year shortened cost recovery permanent to provide

an important incentive for capital improvements to these properties

X

X

X

X

X


Tax Policy

Elim

inate

s

Un

fair

po

licy

Re

du

ces

Tax

Lia

bilit

y

Re

du

ces

Co

mp

lex

ity

Re

du

ces

Co

mp

lian

ce

Co

sts

Go

od

Tax

Po

licy

Ce

rtain

ty

(+in

flati

on

)

Sp

ecif

ic

Imp

ort

an

ce t

o

ind

ust

ry

Eco

no

mic

Gro

wth

Employee Misclassification – Oppose Unnecessary Administrative Burdens and

Recordkeeping Requirements For Employers and Clarify the Definition to Preserve

Legitimate Independent Contractor Relationships

X

X

X

X

X

X

Per Diem Allowances – Allow the Full Deductibility of Per Diem Allowances in

Construction

X X X X X

Tax Rate Overhaul – Retain Permanent Marginal, Capital Gains, and Dividends

Rate Reductions

X X X X

Tax Exempt Public Works Financing –Preserve the Preferable Tax Treatment

of Debt Used to Finance Public Infrastructure

X X X

Commercial Building Energy Efficiency Tax Deduction – Increase Deduction

and Convert it into a Tax Credit to Provide a Significant Financial Incentive for all

Property Owners to Improve the Energy Efficiency of Commercial Buildings and

Ensure that 179D does not get Charged to the Contractor Doing the Work

X

X

X

Net Operating Loss Carryback – Create permanent tax policy on NOL

Carryback that allows a 5-year carryback and a 15-year carryforward for all

businesses to allow cash-strapped businesses to convert future tax benefits into cash

today

X

X

X



Tax Policy

Elim

inate

s U

nfa

ir

po

licy

Red

uces

Tax

Lia

bilit

y

(eff

ecti

ve r

ate

)

Red

uces

Co

mp

lexit

y

Red

uces

Co

mp

lian

ce C

ost

s

Go

od

Tax P

olicy

Certa

inty

(+in

flati

on

)

Sp

ecif

ic I

mp

orta

nce

to I

nd

ust

ry

Eco

no

mic

Gro

wth

Carried Interest – Reject efforts to increase tax that would undercut

the economic incentive to build projects and drive away investments

from the commercial real estate sector. Most efforts identified have cast

a broad net and will likely have a significant impact on equity transfer in

closely held construction companies.

X

X

Alternative Energy—Extend Alternative Energy Tax Production Tax

Credits

X

X

Retirement Security – Reform the Social Security System; Preserve

Currently Available Tax Preferred Retirement Savings Vehicles and

Provide Alternative Savings Vehicles to Ensure Stable Retirement for All

Generations of Workers

X

X




AGC Financial Issues Forum Summer Meeting

AGENDA OUTLOOK

The fact that Congress waited to act until late last year on the more than 55 expired tax provisions

signifies the inability to compromise – that animosity will carry over into this new Congress

Chairman Ryan, speaking at The Wall Street Journal’s CEO Council annual meeting, said Republicans

would spend the next two years working to build a GOP platform to sell to voters in the 2016

presidential election and would pursue broader changes to a variety of programs if they win the

White House

Efforts to write a new tax code may remain on the agenda, Republicans may find inspiration from

Chairman Camp

The entirety of Camp’s proposal stands about as much chance in 2015 as it did last year, where

Camp's own party allowed it to die quietly. But its corporate-tax provisions are close enough to

Obama's that they could be a starting point – or a “marker” according to Chairman Ryan (i.e.

repatriation)


AGENDA OUTLOOK

Congress could addres repatriating $2 trillion in corporate profits parked offshore with a special low

rate. That would result in a one-time windfall of about $150-170 billion in corporate tax revenue.

But then Republicans almost certainly would fall into familiar arguments about how to spend the

money

Comprehensive vs. “business-only” tax reform has been on the top list of priorities for many

government leaders, and the debate will be renewed with incoming Republican chairmen and a more

conciliatory, yet disorganized, White House

U.S. Treasury has confirmed that any opening salvo from the Administration will be modeled after the

February 2012 “President's Framework for Business Tax Reform”


Short-term • New Chairmen settle in & dig in (Hatch/Ryan)

• Dynamic Scoring takes into account labor markets, inflation and interest rates. Economists agree

that a tax change that trades inefficient tax subsidies for lower business tax rates should generate

more economic activity.

• Attention on “business only” - pass-through business equivalency rate vs. corporate only w/

infrastructure financing via repatriation

• Tax extenders addressed in GOP tax reform language – for one-year (FY15) and extenders to wait

again until Christmas 2015 to be retroactively reinstated…

Long-term

• Lack of White House strategy about what to do with GOP Congress toward some middle ground

on taxes and fiscal issues will persist through 2016

AGENDA OUTLOOK

Questions & Comments


Other Fiscal Issues

LARGER PICTURE for 2015 – SPECTRUM OF REVENUE RELATED

• President’s Budget and Tax Reform Plan (First Monday in February)

• GOP Budget – “Reconciliation” (April-May)

• SGR – Doctor Payment Rates (current rates extended until April 1, 2015)

• Debt Limit Extension ($17 trillion suspended through March 15, 2015)

• Highway Trust Fund (funding available through May 31, 2015)

• FAA Reauthorization (expires in FY2015)

• Tax Extenders (retroactive renewal at end of 2015)

• Tax Reform (TBD)


• Highway Reauthorization

• Unemployment Insurance

• Minimum Wage

• Health Care Reform/Replace

• Farm Bill

• NSA

• Immigration Reform

Congressional Agenda

• Flood Insurance Program Premiums

• Higher Education

• Pension Reform

• Housing Finance Reform

• Terrorism Risk Insurance

• Repeal of Medical Device Tax

• Physician Reimbursement (SGR)

• Trade agenda

• Stalemates between the Republican House and Democratic Senate meant few bills in 2014

• New GOP majorities mean reforms to large bills that may see Presidential vetoes

• Can significant negotiations between the Legislative & Executive occur before 2016 ramps up?


Documents

AGC FINANCIAL ISSUES COMMITTEE FEDERAL TAX UPDATE · FEDERAL TAX UPDATE JANUARY 2015 Brian J. Lenihan Director, Tax, Fiscal Affairs, and Accounting Associated General Contractors