“ABC has voiced strong opposition to the financial reform bill because it creates a Bureau of Consumer Financial Protection with new regulations, enforcement authority and supervisory requirements, adding to the already formidable federal government bureaucracy,” said Geoff Burr, ABC vice president of federal affairs. “We are pleased that the Snowe/Pryor amendment ensures that this new agency cannot regulate with carte blanche authority.  At a minimum, small businesses will now have a seat at the table.” 

Before the vote, ABC sent a letter to Sens. Chris Dodd (D-Conn.), chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Richard Shelby (R-Ala.), ranking member of the committee, expressing support for the Snowe/Pryor amendment and opposition to a separate amendment that would have eliminated the requirement for small business impact analysis.  “Rulemakings by federal agencies and the CFPB have the potential to cause severe restrictions in credit and effectively harm small business job creation and economic growth,” said Burr.  “This is the last thing small businesses and our struggling economy need. The language creating this new ‘independent’ federal agency is vague as to how many and which small business industries and entities will be regulated under this new bureaucracy.”  The Restoring American Financial Stability Act must now be combined with the House-passed version of financial reform. 

IRS OFFERS UPDATED INFO ON HEALTH CARE TAX CREDIT AND HIRE ACT: The Internal Revenue Service (IRS) has updated its online tools to help small businesses take advantage of the Small Business Health Care Tax Credit, which was included in the health care reform bill, and the Hiring Incentives to Restore Employment (HIRE) Act, signed into law March 18 by President Obama.  The health care tax credit is designed to help small businesses afford health insurance coverage for their employees. The credit is worth up to 35 percent of a business’ premium costs in 2010, and the amount increases to 50 percent of premium costs in 2014.  The IRS has issued new guidanceto help small businesses understand if they qualify and how to take advantage of the credit.  The IRS also is asking for feedback on what issues should be addressed in future guidance.  

For more information, including scenarios illustrating how the credit applies in varying circumstances and how to determine which businesses are eligible for the tax credit, visit the IRS website.  In addition, the IRS has posted Form 941 (revised for use beginning with the second calendar quarter of 2010) that eligible employers can use to claim the payroll tax credit which was included in the HIRE Act.  Under the HIRE Act, employers that hire unemployed workers after Feb. 3, 2010 and before Jan. 1, 2011 may be eligible for a 6.2 percent payroll tax incentive, which essentially exempts them from  their share of Social Security taxes on wages paid to such employees after March 18. In order to qualify, the newly hired worker may not have been employed for more than 40 hours during the 60-day period before beginning work.  For an overview of what to expect from the health care reform bill over the course of the next several years, ABC offers ahealth care timeline in addition to an archived webinar titled, “How Will the New Health Care Reform Law Impact Employers?”  

OSHA RECOGNIZES NCCER CRANE OPERATOR TRAINING PROGRAM: The Occupational Safety and Health Administration (OSHA) May 17 formally recognized the National Center for Construction Education and Research (NCCER) Crane Operator Certification Program during a signing ceremony attended by construction industry leaders, including ABC president and CEO Kirk Pickerel. 

OSHA is expected to release in July a rule updating the existing 40-year-old safety standards for cranes and derricks in construction that would require all crane operators to be certified and trained either through an accredited testing organization, by the U.S. military, by a licensed government entity or through an audited qualification program offered by the employer. 

The NCCER Crane Operator Certification Program is accredited by the American National Standards Institute for the following scope: Industrial/All Purpose Crane; Rubber Tire Truck Mount Crane; and Rough Terrain/All Terrain Crane. 

IMPROVE BUSINESS PRACTICES THROUGH ABC PEER GROUPS: ABC peer groups bring together ABC members to exchange ideas, gain valuable insights and engage in discussions on how to strengthen their businesses.  Peer groups consist of six to 10 similar, but non-competing companies that typically meet two or three times a year to discuss a variety of topics, ranging from finances to operations to business development.  Peer groups offer a chance to network with other ABC members, explore solutions to common business issues, and develop best practices.

ABC currently has peer groups for electrical contractors, mechanical contractors, general contractors, painters, masonry contractors, drywall contractors and steel erectors.  Groups may soon be developed for self-performing general contractors and concrete contractors.  For more information or to participate in the peer group program, contact Donna Motley at motley@abc.org, or visit the peer group section of the ABC website at www.abc.org/peergroups.

HAVE A SAFE MEMORIAL HOLIDAY WEEKEND!