Bill on Business Taxes Awaits Action
Mar 31, 2008
| BILL NAME | SUMMARY OF BILL AND WHAT IT MEANS TO YOU | U.S. CHAMBER'S POSITION | STATUS |
|---|---|---|---|
| Business Taxes H.R. 5267 Business Activity Tax Simplification Act of 2008 | This bill would prevent states from levying business activity taxes–such as franchise and business license taxes–on out-of-state businesses unless they have a physical presence in the state. | The Chamber supports this bill because it would make it easier for companies to do business and serve customers in multiple states. | LAST ACTION Referred to a House committee Feb. 7, 2008. NEXT STEP Committee Vote |
| FACTA Loophole Fix H.R. 4008 Credit and Debit Card Receipt Clarification Act | This bill would amend the Fair and Accurate Credit Transaction Act (FACTA) to make clear that a company is not in willful violation of the act if it truncates or shortens a consumer's credit card number to four digits but does not remove the expiration date. This technical correction would preserve the existing right of consumers to sue for negligence in the event of actual harm or account fraud. | The Chamber supports closing the loophole of a well-meaning law that has led to small businesses being hit with abusive lawsuits even without evidence of fraud or harm. | LAST ACTION Referred to a House subcommittee Jan. 11, 2008. NEXT STEP Committee Vote |
| Contract Arbitration Clauses S. 1782 Arbitration Fairness Act | This bill would eliminate the use of mandatory predispute arbitration clauses in future consumer, employment, brokerage, and franchise contracts and would nullify potentially millions of predispute arbitration clauses in existing contracts if a dispute arises under that contract after enactment of the legislation. | The Chamber opposes this bill because it would disrupt current commercial arbitration practices, increase litigation, and severely damage an alternative dispute resolution system that consumers and businesses have relied on for decades. | LAST ACTION Committee hearing held Dec. 12, 2007. NEXT STEP Committee Vote |
| Regulatory Reform H.R. 4458 Small Business Regulatory Improvement Act | H.R. 4458 would amend the Regulatory Flexibility Act to close loopholes and clarify terms that have led to agencies avoiding requirements of the act. Specifically, the bill would require agencies to consider the indirect impact of proposed regulations on small businesses as well as the direct impact. | The Chamber supports legislation to require government agencies to provide a comprehensive analysis that reflects the total impact of a proposed regulation on small businesses. | LAST ACTION Voted out of one of two House committees Dec. 13, 2007. NEXT STEP Committee Vote |
| Climate Change S. 2191 America's Climate Security Act of 2007 | Rather than promote greenhouse gas-reducing technologies, including clean coal or nuclear energy, or address increasing emissions from developing nations such as China and India, this bill attempts to address global climate change through caps on emissions in the United States alone. It requires all sectors of the economy to reduce emissions to 15% below 2005 levels by 2020 and 70% below those levels by 2050. | The Chamber opposes this bill because it does not do the following: address the international nature of global climate change, promote accelerated technology development and deployment, preserve American jobs and the economy, reduce barriers to the development of climate-friendly energy sources, or promote efficiency measures. | LAST ACTION Voted out of a Senate committee Dec. 5, 2007. NEXT STEP Senate Vote |
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