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The AGC Financial Issues Committee (FIC) Summer Meeting will be held June 8-9, 2015 at The Broadmoor in Colorado Springs, Colo. The meeting is geared toward member company AGC member company CFOs, Treasurers, Finance Directors, Controllers, Tax Directors and other senior accounting professionals. Members have an opportunity to learn as well as formulate positions on tax and accounting matters that directly affect the bottom line and operations of AGC member companies of all sizes and specialties. Current FIF projects include helping construction companies to prepare for the new Revenue Recognition Accounting Standard Update that goes into effect in 2017.

Register to join construction law and regulation experts for a complimentary webinar on Thursday, June 4 from 2:00 p.m. to 3:30 p.m. eastern time for a discussion on the new and pending federal regulations impacting your business. AGC’s Director of the Federal and Heavy Construction Division Jimmy Christianson and the construction law firm Smith, Currie and Hancock’s Doug Tabeling and Stephen Kelleher will provide an overview on:

Two Republicans officially declared their intention to seek the presidency this week bringing the total number of announced candidates to 10 – two Democrats and eight Republicans.

The Department of the Army recently issued a final rule (via memorandum) to the Army Federal Acquisition Regulation that, if implemented, would remove contracting authority from about 400 engineers within the U.S. Army Corps of Engineers. The rule would remove construction experts from having the authority to make construction contracting decisions for the safe and efficient construction of everything from barracks that house and protect our soldiers to the levees and dams that guard millions of Americans from floods. The Army issued this rule without providing for any public comment and claims that such a rule will not impact the contracting industry. Ultimately, the Army is seeking to move all contracting activities, including the procurement of construction through USACE, within the Army Contracting Command.

Congress Passes AGC-Backed Measure to Allow Construction to Continue 
 

On May 27, the Federal Acquisition Regulation (FAR) Council issued a proposed rule and the Department of Labor (DOL) issued guidance implementing the president’s “Fair Pay and Safe Workplaces” Executive Order (EO) 13673, commonly referred to as the Blacklisting EO.

One of the last steps the Senate took before leaving for its Memorial Day recess was to approve a House-passed bill extending the federal highway program until July 31, 2015.  The new expiration date coincides with when the Highway Trust Fund is expected to approach a zero balance. If Congress can’t identify more federal transportation funds by the end of July, the Department of Transportation will be forced to cut reimbursement funding to states for ongoing projects. Congress settled on the two month extension after failing to find money to keep the Highway Trust Fund solvent through the end of the calendar year. U.S. Transportation Secretary Anthony Foxx said the president will sign the bill but urged Congress to take action on a long-term authorization and funding bill.

While Rule Includes AGC-Backed Revisions, We Are Working with Congress to Restart the Rulemaking Process to Address Many Other of the Measure’s Flaws 

AGC of America has partnered with several business organizations to provide its members the exclusive opportunity to hear from U.S. Senators. During these live teleforums, AGC members can ask their Senator questions about the concerns and obstacles they face every day while trying to operate a business in the construction industry.

AGC of America joined with a broad coalition of employers, labor unions and other entities to provide detailed comments to the Treasury Department’s request for information on implementing the 40-percent excise tax on high-cost, employer-sponsored health coverage, also known as the “Cadillac Tax”. The controversial tax has been delayed until 2018, but employers – notably those with labor agreements that stretch into 2018 – are beginning to anticipate the ramifications from the tax.

This week, the House of Representatives passed the American Research and Competitiveness Act of 2015 by a 274 to 145 vote. The $182 billion research & development (R&D) legislation, introduced by Congressman Kevin Brady (R-Texas), would amend the Internal Revenue Code to make permanent a modified version of the tax credit for qualified research expenses, retroactive to December 31, 2014, when the credit expired.

Legislation allowing veterans to use their education benefits from the GI bill for enrollment in Department of Labor-approved pre-apprenticeship programs was introduced today. The Veterans’ Entry Apprenticeship Act is a bipartisan bill co-sponsored by Representatives Martha McSally (R-Ariz.) and Tulsi Gabbard (D-Hawaii). AGC supports the legislation, along with several other construction and national veterans’ organizations.