Space, Health Care, Taxes and the ADA

by Brad Peck

A quick wrap of non-finance activities.

ADA amendment signed into law:

"We are pleased that President Bush has signed into law this bipartisan effort to amend the Americans with Disabilities Act," said Randel Johnson, vice president of Labor, Immigration and Employee Benefits at the U.S. Chamber. "We thank Congress for their bipartisan leadership and quick action on this legislation which will help ensure that disabled Americans will have a fair chance to excel in the workplace."

NASA turns 50, goes after hot young technology:

The U.S. Chamber of Commerce’s Space Enterprise Council today highlighted the critical role of NASA’s Constellation exploration program to our economic and national security during an industry summit with NASA’s Exploration Systems Mission Directorate (ESMD).  "This initiative will not only maintain NASA’s legacy in developing technologies, but also help develop the technical innovation necessary to keep the U.S. competitive globally," said Space Enterprise Council Executive Director David Logsdon. 

A positive step in retiree health care:

The U.S. Chamber "believes that H.R. 6288, the "Retiree Health Accounts Act," is a positive step towards creating new savings vehicles to help workers afford retiree health care. Under this legislation, Retiree Health Accounts (RHAs) could be used by account holders to pay health insurance premiums, purchase prescription drugs, or even to purchase long-term care. The bill also creates a refundable tax credit for individuals who contribute to their RHAs, incentivizing responsible saving for health care expenses. "

The devil is always in the details:

The U.S. Chamber "supports efforts to extend the expiring business tax provisions. However, the Chamber is concerned that the House Amendment to the Senate Amendment to H.R. 6049, the “Renewable Energy and Job Creation Tax Act of 2008,” would permanently increase taxes on businesses to pay for a temporary, one-year extension of expiring business tax provisions.

Specifically, the Chamber strongly supports provisions relating to:

• Extension of Expired and Expiring Business Tax Provisions
• Clean Energy Tax Incentives

The Chamber has concerns with revenue offset provisions included in the House Amendment to the Senate Amendment to H.R. 6049, including those related to:

• Punitive Oil and Gas Taxes
• FUTA Surtax
• Nonqualified Deferred Compensation

The Chamber appreciates the House efforts to extend much needed business tax provisions, but remains concerned that this legislation would permanently increase taxes on businesses.