No images? Click here GCCA Asks YOU to Join Our Grassroots Campaign to Protect Stepped-Up BasisPresident Biden’s American Families Plan calls for the elimination of the stepped-up basis tax provision to raise revenue for government spending. This would be devastating for many members of the cold chain industry. What is stepped-up basis? Suppose a business was purchased for $1 million and valued at $5 million at the time of the owner’s death. Under current law, there would be no tax on the $4 million appreciation that accrued during the owner’s lifetime. The heirs would take the $5 million value of the business as tax basis – the basis would be “stepped-up” by the $4 million unrecognized capital gain without having to pay tax on that gain. Senator Mike Braun to Keynote GCCA Policy ForumThe Global Cold Chain Alliance is excited to announce that Senator Mike Braun of Indiana will be a featured keynote speaker at our in-person Policy Forum on July 27, 2021 at the Fairmont Georgetown in Washington, DC. Secure your spot now to hear Senator Braun’s insightful updates live from our nation’s Capital. The Policy Forum is GCCA’s premier policy event and fly-in for businesses engaged in temperature-controlled logistics. It features education sessions and keynote presentations focused on regulations and legislation that directly impact the industry, meetings with key federal agency officials, Congressional meetings, and more. Hotel reservations are available at the Fairmont Georgetown, right in the heart of Washington, D.C. Discounted rates of $249 for a single/double occupancy exclusive of applicable state and local taxes. Deadline to make reservations is Monday, July 5, 2021. Book your room here. Register for the event HERE. Biden Offers 15% Corporate Minimum Tax ConcessionPresident Joe Biden offered to scrap his proposed corporate tax hike during negotiations with Republicans in what would be a major concession by the President as he works to hammer out an infrastructure deal. Biden offered to drop plans to raise corporate tax rates as high as 28% and instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes. In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending. With the change, funding for the plan would lean heavily on increased tax enforcement, scrapping inheritance tax breaks like stepped-up basis, and additional revenue streams like unspent COVID-19 relief funds. On April 16, 2021, GCCA launched our second grassroots campaign to protect members from this potential corporate tax hike. While we are optimistic by the direction of these latest conversations, GCCA strongly encourages members that have not participated in our campaigns to Oppose the American Jobs Plan’s Tax Hikes or Protect the Stepped-Up Basis tax provision to visit our Advocacy Center HERE and TAKE ACTION. President Biden Releases Fiscal Year 2022 BudgetOn Friday, May 28, 2021, President Biden released his fiscal year 2022 budget that details his proposals to advance his agenda this year. It includes the two infrastructure plans the President has already put forward—the American Jobs Plan and the American Families Plan. The budget calls for $6 trillion in spending and a deficit of $1.8 trillion. Of note, both the Department of Labor and Environmental Protection Agency saw increases to their budgets to specifically address a declining workforce in each agency. It has been cited that the lack of workforce has made enforcement for worker protections and public health more difficult. Read the full budget HERE. GCCA Host Monthly Advocacy Webinar On Thursday, June 3, 2021, GCCA hosted our monthly Advocacy Webinar Series. This Webinar focuses on our new grassroots campaign to protect stepped-up basis, which President Biden has proposed to eliminate in his American Families Plan. In addition, you will hear about recent regulatory developments, such as the new OSHA guidance for vaccinated individuals. Watch a recap of the webinar HERE. Call to Action: Nominate a Cold Chain Champion Do you have a colleague who you believe performs exceptional work and deserves special recognition? We are highlighting our members and their achievements on social media. Nominate yourself, your company, or your colleague for a chance to be spotlighted as a #ColdChainChampion! Submit nominations, a short explanation, and a photo to Rachael Oury at roury@gcca.org. |