Here??s a hypothetical scenario that could become reality: If you die after January 2011, your heirs will have to pay a "death tax" of 55% on the value of the estate in excess of $1 million. The only way to stop this from happening is for you to contact your senators and urge them support estate tax reform now.
NACS is working tirelessly to urge Congress to permanently reform the federal estate tax before it returns with these outrageous terms ?" but we need your help to convince the Senate to take action.
NACS is supporting a bi-partisan proposal put forward by Senators Blanche Lincoln (D-AR) and John Kyl (R-AZ) that would permanently reform the estate tax, reduce the maximum tax rate to 35 percent and increase the exemption level to $5 million per individual.
NACS strongly believes that the estate tax is inherently unfair and should be permanently repealed. However, given current conditions, we believe that the Lincoln-Kyl proposal represents the best alternative for business owners and the federal government.
Senator Majority Leader Harry Reid (D-NV) has continuously blocked the Lincoln-Kyl proposal from a Senate vote. Your heirs should not be forced to liquidate your business just to pay the government after you pass. Visit NACS Grassroots and look under "Take Action" to write your senators urging them to expedite consideration of this bi-partisan proposal.
NACS Staff Contact: Corey Fitze
Earlier this week, Representatives Mike Ross (D-AR) and John Shimkus (R-IL) introduced H.R. 5778, the Renewable Fuels Marketing Act of 2010. This legislation will enable retailers to sell more renewable fuels without incurring unsustainable equipment costs or undue liability.
For more than a year, NACS has been meeting with Congress to explain that current retail equipment is only certified to lawfully sell up to 10% ethanol and 5% biodiesel. Until recently, there were no dispensers certified for any renewable fuels in excess of those volumes. Any retailers using equipment to sell fuel for which it was not certified violate federal law, tank insurance and bank loan policies, and expose themselves to claims of gross negligence for using non-compatible equipment.
In addition, EPA is expected later this year to approve the use of E15 (15% ethanol) for only certain engines. This means that consumers may misfuel their vehicles or engines. Under current law, the retailer is responsible for such misfueling and is subject to fines under the Clean Air Act and could be held liable for engine damage.
H.R. 5778 will give retailers the opportunity to have existing equipment evaluated and potentially recertified for new fuel blends (renewable fuels as well as other fuels that may be developed in the future). In addition, it will establish a labeling program through EPA for fuels that are approved for only a subset of engines and ensure retailers are not held accountable if consumers ignore the labels and misfuel their engines.
NACS is working with SIGMA, PMAA and NATSO to increase support for this bill in Congress and we could use your help. Logon to nacsonline.com/grassroots and send a letter to your Representative asking him/her to cosponsor H.R. 5778.
NACS Staff Contact: John Eichberger
Today is the 20th anniversary of the passage of the Americans with Disabilities Act, and some labor experts are predicting we might see some changes in the regulations during the online celebratory webinar. U.S. Attorney General Eric Holder has made his ambitions clear: he wants to enforce current regulations more stringently and he is open to putting new regulations on the business community. Although no one is certain what changes might occur, the implementation of new standards ?" specifically those dealing with the reach range of motor fuels dispensers ?" are of grave concern to NACS.
The two-hour webinar starts at 10:00 am EST and can be viewed by the public at ada.gov.
NACS Staff Contact: Corey Fitze
Senate Democrats are divided over whether and how the American Power Act, a climate change bill proposed by Senators John Kerry (D-MA) and Joe Lieberman (I-CT), should proceed in the coming months. There is support from both sides of the aisle for some form of climate change, however, no agreement can be made on what a climate change bill should entail.
The American Council for Capital Formation and the Small Business and Entrepreneurship Counsel released a study yesterday showing that the Kerry/Lieberman proposal could cost as many as 1.9 million jobs in 2030. The findings also pointed out that the American Power Act would trigger residential electricity price increases up to 42 percent and gasoline price increase up 18 percent.
NACS Staff Contact: Corey Fitze
Senator Mary Landrieu (D-LA) is poised to bring an amendment to the Senate that would put $30 billion dollars back into a lending pool for small banks to lend to small businesses that was previously stripped out last week. Her amendment also includes $12 billion in tax breaks for small businesses in hopes of encouraging hiring.
NACS is joining with several other associations to draft a letter of support for this amendment which will ease lending capabilities to the engines of our economy, the main street small business.
NACS Staff Contact: Corey Fitze