Join Us: Preserve the Federal EBITDA Standard for Business Interest Deductions
The Illinois Chamber joins the US Chamber and the National Association of Manufacturers in their effort to ensure that Permanently Preserving America’s Investment in Manufacturing Act (S. 1077/H.R. 5371), is passed to permanently preserve an EBITDA standard for business interest deductions.
S.1077/H.R. 5371 would preserve current law for interest deductibility, permanently protecting the current EBITDA standard and ensuring that job creators across the country are not hit with increased financing costs and reduced liquidity as they work to recover from the economic damage caused by COVID-19.
The Illinois Chamber is reaching out to our Congressional Delegation to ask for their support on this important measure. We encourage any business that would be impacted by this change to do the same.
For more information on this issue, check out this great 1-pager by our friends at the Coalition for America's Interest.
President & CEO Maisch Talks Paid Leave
Earlier this week, Illinois Chamber President and CEO Todd Maisch spoke on The 21st to discuss the Chamber’s stance on paid family leave proposals, both federally and in Illinois. He was joined by Corliss King, a Chicago based flight attendant and 2nd Vice President for TWU Local 556. Bob Bruno, Professor of Labor and Employment Relations also provided commentary. The 21st is a production of Illinois Public Media.
Maisch's main argument was that employers and employees should be afforded as much flexibility as possible to work with one another. He noted that any paid leave proposal will affect different sized businesses and industries in a unique fashion.
Concerning potential legislation, Maisch said that 50 different state laws concerning paid leave is not workable for most businesses. Rather, a federal framework with bipartisan support has to be put in place.
Listen to the full segment here.
What's in the Federal Infrastructure Package?
On Monday, President Biden signed the widely-discussed federal infrastructure package into law. Provided below is a summary of the bill's impact for Illinois.
Water: $1.7 billion to improve drinking and wastewater infrastructure
Roads and Bridges: $9.8 billion for federal-aid highway projects and $1.4 billion for bridge replacement and repairs. In addition to this guaranteed money, the state will be eligible to compete for competitive grant programs
Public Transportation: $4 billion over 5 years. This will allow things like making the CTA 100% accessible and going fully electric with the bus system. Like roads, mass transit can compete for additional grant money.
Broadband: A minimum of $100 million to expand coverage across the state.
Airports: $616 million over 5 years. Includes the creation of a new Airport Terminal Improvement Plan.
Electric Vehicles: ~$150 million over 5 years to support a charging network. There is another $2.5 billion in nationwide competitive grants.
Following the signing of the bill, Chamber President & CEO Todd Maisch issued the following statement:
"The Illinois Chamber applauds the passage and signing into law of H.R. 3684, Infrastructure Investment and Jobs Act. This bipartisan legislation fulfills a generational pursuit for adequate investment in Illinois’ vital and physical infrastructure by strengthening the work done in the state’s 2019 capital bill. In addition to the traditional Illinois priorities of roads, bridges, and transit, our residents and businesses benefit from investment in underinvested infrastructure such as waterways, rail, and cybersecurity.
The passage of the Infrastructure Investment and Jobs Act will ensure Illinois will receive nearly $17 billion in must needed funding. In addition, there’s billions more in competitive grant programs for which the state can apply."
Illinois Chamber Infrastructure Council Hosts Quarterly Meeting
On Wednesday, November 10th the Illinois Chamber Infrastructure Council hosted its quarterly meeting featuring US Representative Marie Newman of the 3rd Congressional District (southwest Chicago) and RTA Chairman Kirk Dillard.
Dillard noted that the Chicago area has one of the lowest operating costs per mile for major cities. Other large cities like London and New York spend between three times more and nine times more than Chicago area mass transit. He also spoke of the fare box changes that would allow the RTA to use federal funds for recovery. This required state changes that were supported by the Chamber in HB 106 during veto session.
Representative Newman spoke about the recently passed federal infrastructure package. Saying that Congress passed the most transformative infrastructure package in the nation’s history. She also credited the bipartisan manner of the package. Considering the size of the 1.2 trillion-dollar package, Newman believes 5-6 months was a quick timeframe for passage.
Following the event, Representative Newman issued a statement on her participation. "For decades, Congress has put modernizing our infrastructure on the back burner, resulting in incomplete transit projects, broken roads, eliminated bus routes, and transportation deserts in far too many communities across the country and in my own district...”
She added, "I was honored to speak directly with the members of the Illinois Chamber to discuss just how impactful this bipartisan legislation will be for residents and workers for Chicago's Southwest Side.”
Ryan Gleason of the US Chamber noted that the infrastructure package was 25 years in the making for those in the business community.
To conclude the event, Vice President of Government Affairs Clark Kaericher highlighted the passage of the electric vehicle incentives package during veto session in October. HB 1769, the Reimagining Electric Vehicles act.
With a lighter session schedule, the Chamber looks forward to hosting the next Infrastructure council meeting early in the Spring.
