www.nwyc.comVol. 14 No. 2-14
Monday, May 10, 2010
REVIEW
Immigration: President Obama is urging Congress to draft a bill before the end of the year that would call for comprehensive immigration reform. Lawmakers have been slow to address the emotion-charged issue in an election year, but a proposal being drafted by Democrats would require a boost in the number of officers and agents guarding borders, along with more resources to prosecute drug smugglers who cross into the country illegally. To voice your opinion on this issue, go to www.nwyc.com.
Financial Overhaul Bill: In an effort to prevent bank bailouts like the ones that spurred the 2008 financial crisis, the Senate reached a bipartisan agreement on how to dismantle large, failing financial institutions. That chamber is continuing to consider amendments, including one that would require large banks to pay more into the Federal Deposit Insurance Corporation's Deposit Insurance Fund.(S.3217)
Mineral Drilling Reform: A bill that would remove the Minerals Management Services (MMS) from the Interior Department and set it up as a stand-alone agency subject to more oversight has been introduced. Bipartisan sentiment is growing in the House and the Senate to toughen oversight of MMS, which has been plagued for years by allegations of corruption and mismanagement charges. (H.R.3736)
Tax Extenders Jobs Bill: The House is considering a final version of a bill that would extend temporarily a variety of tax cuts that expired last year, including the research and development tax credit. It would also continue to extend expanded unemployment benefits and other social programs. (H.R. 4213)
Internet Access: Congress split sharply along party lines in reacting to a proposal by the chairman of the Federal Communications Commission (FCC) to assert a new and stronger type of regulatory authority over companies that provide broadband Internet access.
Auto Safety Bill: A draft House bill and a measure introduced in the Senate would require the National Highway Traffic Safety Administration to issue new standards for safety equipment in vehicles, with one to two model years before they must be in place. Proposals would require crash data recorders, brake overrides, greater accelerator pedal clearance and other upgrades. (S.3302)
Haiti Trade Programs: The Senate cleared a bill that would extend duty-free treatment to Haiti for certain woven apparel products through Sept. 30, 2020. (H.R.5160)
PREVIEW
Home Energy Efficiency: The House passed a bill (246-161) with the support of 12 Republicans that would call for a $6 billion consumer rebate program for energy-efficient home improvements. The rebate program is commonly called HomeStar or “cash for caulkers.” It is modeled after last year’s “cash for clunkers” program, which offered consumers money to trade in old cars and buy models with better energy efficiency.(HR 5019) To voice your opinion on this issue, go to www.nwyc.com.
Financial Reform: The Senate is expected to debate a Republican amendment for setting up a consumer protection regulator and one calling for audits of the Federal Reserve by the Government Accountability Office. (S.3217)
Age Discrimination Ruling: Lawmakers in the Senate and the House are addressing a 2009 Supreme Court decision on age discrimination that made it more difficult for litigants to win their cases. (S.1756) (H.R.3721)
The Week Ahead: The Senate is scheduled to continue debate on a bill to overhaul financial regulations. The House will turn to legislation to authorize funds for federal agencies engaging in scientific research. Go to www.nwyc.com for complete review.
Click here to view the R&P Report as a PDF
The challenges facing our society today leads to plenty of questions ...
- There is much to be concerned about our governments around the globe today
- Sustainability of deficit spending and bailouts
- The ability in America to respect our Life, Liberty and Pursuit of Happiness
- Limited Spending and Limited Government
- Lower Taxes
- A Strong National Security
Fannie And Freddie Slow The Bleeding - Forbes
The quarterly losses are getting slimmer, but Fannie Mae is still far from healthy, asking the government for another $8.4 billion to plug its gaping deficit hole.
Summary Box: Fannie Mae seeks $8.4B after 1Q loss - BusinessWeek
Fannie Mae reports $11.5B loss, requests $8.4B to stay afloat - Washington Post
Germany's Merkel: ECB will not raise money supply - Reuters
BERLIN, May 10 (Reuters) - German Chancellor Angela Merkel said on Monday the European Central Bank would not raise money supply to buy state bonds as part of a global emergency package to stabilise the common European currency ...
Germany's Merkel admits "bitter defeat" in state poll - BBC News
Merkel: German Cabinet to OK rescue deal Tuesday - San Jose Mercury News
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1 comment:
Even with an $&D tax credit extension, there are two significant issues with the existing R&D Credit regulations.
First, the regs are difficult to follow without a thorough understanding of the tax law. This often requires qualified US manufacturers to hire outside consultants to guide them through the details. Unfortunately, the cost of consultant support has made it prohibitive for many small to mid-sized manufacturers to benefit from these federal incentives. Today, tens of thousands of these manufacturers have historically bypassed this valuable tax credit.
Second, in 2008, the IRS elevated the R&D Credit to a Tier 1 Issue, which has put more emphasis on the need for contemporaneous documentation. To defend the R&D Credit in an audit, a taxpayer needs to qualify every R&D project under the regulations, AND identify costs associated with the project while the costs are being incurred (known as nexus). This documentation requirement is burdensome on engineers and production management staff, which makes capturing and defending the Credit a challenge for most manufacturers.
To address both these issues, we built Titan Armor – a low-cost software solution that helps manufacturers meet the current regulatory requirements for the R&D Tax Credit. You can get more information at www.titanarmor.com.
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