NLBMDA, along with a multi-industry coalition, has asked Congress to use the Energy Savings and Building Efficiency Act, (H.R. 1273) commonly known as Blackburn-Schrader, as the code language in comprehensive energy efficiency legislation during this Congress. It would require the Department of Energy (DOE) to publish any code change proposals in the Federal Register and allow the public 90 days to provide comment.
In addition, code change proposals would be required to have a payback of no more than 10 years. Currently, the House of Representatives has accepted the NLBMDA backed code language, while the Senate is still working with industry groups to reach a compromise. Click here to view the coalition letter to the House Energy & Commerce Committee in support of the Blackburn-Schrader building code language.
S Corp Modernization Act Introduced
On June 16, Reps. Dave Reichert (R-WA) and Ron Kind (D-WI) introduced the S Corp Modernization Act (H.R. 2788), which would permanently reduce the recognition period during which an S Corporation that has converted from a corporation is subject to corporate tax of built in gains to 5 years. The legislation also eliminates the rule that previously terminated an S corporation election if the corporation’s passive investment income exceeded 25 percent of gross income for three consecutive years during which the corporation had accumulated earnings and profits.