In his first hearing as chairman of the House Ways and Means Committee, Rep. Sander Levin (D-Mich.) pushed for legislation that would provide tax incentives for small businesses and lending assistance for infrastructure projects.
ÎÚÑ»´«Ã½ to committee members in advance of the markup highlighting its support for several provisions, including:
- Relief for small businesses from IRS Section 6707A penalties, which can be stiff for contractors who unwittingly fail to disclose listed transactions to the IRS.
- Extension of the Build America Bonds (BAB) program. State and local governments have used the widely successful BABs to finance more than $80 billion in infrastructure programs.
- Removal of the private activity bond volume cap for water and wastewater projects. The private activity bond cap removal is expected to leverage nearly $2 billion in private sector dollars waiting on the sidelines.
- Extension and reallocation of the Recovery Zone Bond program. The Recovery Zone Bonds will be extended and reallocated based on unemployment in a locality, allowing the hardest hit areas to receive a higher amount of funding opportunities.