Report Meetings and Share Pictures at www.HardhatsforHighways.org Your Senators and Representatives will be back working in your home districts next week, June 30 - July 1.  Please take this opportunity to set up meetings with your members of Congress to discuss the importance federal highway funding has on your company and your job.  Please continue to make contact with your Congressional offices by setting up in-person meetings and sending “e-Hardhat” letters. Encourage your employees to send “e-Hardhat” letters as well. 

Last week, nearly 40 member company CFOs and other senior accounting professionals attended the AGC Financial Issues Forum (FIF) Summer Meeting in Washington, D.C. Forum members were brought up to speed on the recently released Revenue Recognition Accounting Standard Update and had a tax discussion with Congressman James Renacci (R-Ohio), a CPA and member of the congressional tax-writing committee.

While there were some big surprises in this week’s primaries and special elections, the biggest surprise was Sen. Thad Cochran’s (R) come-from-behind victory in the Mississippi run-off.  The battle over the Senate will be fought by a Republican Party that saw strong general election candidates win in all Senate primaries. Conservative groups spent millions to beat Republicans (for instance the Club for Growth spent almost $4 million against Republicans this year while spending less than $900,000 against Democrats) but had little impact on the election outcomes thus far. Check below for a state-by-state breakdown of the results.

On June 12, the U.S. Small Business Administration issued an interim final rule that increases a number of construction industry small business size standards to account for inflation since 2008.

Finance Committee May Move Short-Term Patch; House Republicans Back Away from Postal Reform  The balance remaining in the Highway Trust Fund is projected to have insufficient revenue to pay states for ongoing construction activities within the next few weeks.  Today, Senators Chris Murphy (D-Conn.) and Bob Corker (R-Tenn.) introduced legislation that would raise the gas tax – currently at 18.4 cents per gallon – and the diesel tax – at 24.4 cents per gallon – by 12 cents each, and then index the taxes to keep pace with inflation and help mitigate the insolvency of the trust fund. The increase would be phased-in over two years, raising 6 cents per year. Their plan calls for offsetting the tax increases by permanently extending six federal tax breaks that expired this year.

After House Majority Leader Eric Cantor’s primary defeat last week, and his subsequent resignation as majority leader effective July 31, House Republicans held leadership elections today to elect Cantor’s successor.  Rep. Kevin McCarthy (R-Calif.) – who currently serves as Majority Whip – was elected to be the next House majority leader. McCarthy is only serving his fourth term in Congress, making his the fastest rise to majority leader in American history.

The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in response to the release of a highway funding and tax reduction proposal released today by Senators Chris Murphy (D-Conn.) and Bob Corker (R-Tenn.): “This proposal provides the kind of long-term funding solutions that virtually every independent, bipartisan commission has said are needed to repair and upgrade our aging transportation network.  As important, by finding the courage to cross aisles and tackle difficult funding questions, the Senators are demonstrating the legislative process at its finest. 

AGC has scheduled a webinar for Monday, June 30th from 2:00 PM to 3:30 PM for the latest updates on Multiemployer Pension Plan reform. For nearly two years the National Coordinating Committee of Multiemployer Plans, Retirement Review Security Commission developed draft recommendations for legislative and other changes to the current multiemployer pension plan system.

By a vote of 29-1, the Senate Appropriations Committee approved a fiscal year 2015 appropriations bill for the Departments of Transportation (DOT) and Housing and Urban Development. Sen. Mike Johanns (R-NE) was the only dissenting vote. The bill funds most DOT programs at FY 2014 levels just as the House had done two weeks previously. The Senate Committee made some changes in the House approved levels by adding $472 million to the Federal Transit Administration’s new starts capital grants program.

Your Legislators Need to Hear from You With a transportation bill beginning to move through the Senate, it is critical that you contact your legislators to educate them on the importance of supporting a highway bill and the affect it will have on your company and job if they do not.