Capitol Connection: September 17, 2024
Chambers, Associations Urge the Next Congress & Admin to Pursue Pro-Growth Tax Policy
The Lansing Regional Chamber of Commerce (LRCC) joined more than 500 state and local chambers and national trade associations led by the U.S. Chamber of Commerce calling on policymakers to pursue a pro-growth agenda and prevent any tax increases on American families or businesses.
How the 20% Pass-Through Deduction Impacts Businesses, Local Economies
The LRCC was a strong supporter of the 2017 Tax Cuts and Jobs Act (TCJA), which provided significant benefits to businesses of all sizes. One of the key provisions, the 20% pass-through deduction, has been particularly valuable for small businesses, including sole proprietorships, partnerships, and S corporations. This deduction helps ensure pass-through businesses are not taxed at a disadvantage compared to larger C corporations.
In Michigan, this deduction has made a notable impact:
• 50.39% of private-sector, for-profit jobs in Michigan are at pass-through businesses.
• 35.6% of private-sector, for-profit employment is at large pass-through businesses (over 100 employees).
• The collective tax benefit to Michigan pass-through businesses has totaled $4.68 billion.
Many LRCC members have benefited from this deduction, but it is set to expire at the end of 2025 without congressional action. The LRCC has joined the U.S. Chamber of Commerce along with several business groups and chambers to urge Congress to preserve this critical deduction and prevent tax increases on businesses.
Additionally, as we begin to focus on our 2025 effort to prevent tax increases on businesses, please take a minute to review the recently released tax policy memo, which discusses how pro-growth tax policies can supercharge the economy by raising wages, spurring investment, and driving job creation.
Tax & Wage Webinar SeriesÂ
Businesses are invited to attend a series of upcoming webinars designed to navigate federal and state regulations, tax systems and other requirements, according to the Michigan Department of Treasury. Attendees can sign up for as many sessions as needed. Registration for the Tax and Wage Outreach events ends the day before each webinar at 5 p.m. ET.
Tax & Wage Webinar SeriesÂ
The LRCC is working with its partners at the Michigan Chamber of Commerce to urge the Governor and the Michigan State Legislature to support commonsense legislation to lessen the harm of the Michigan Supreme Court’s decision on paid leave changes and minimum wage changes.
Action Center
Send a ready-made email urging action:
Choose Lansing and the Lansing Regional Chamber sent a joint letter to Capitol Caucus members (State Senators and State Representatives who represent our region at the Michigan State Legislature) We encourage you to reach out to your lawmakers to express your concerns and advocate for change.
Lansing City Council Approves NEOGEN Phase 2 Expansion
In a decisive vote of 7-1, the Lansing City Council approved the highly anticipated NEOGEN Phase 2 expansion project. This expansion will play a crucial role in supporting NEOGEN's growth, boosting local job creation, and solidifying Lansing’s reputation as a hub for biotechnology and innovation. Read the LRCC’s letter to Lansing City Council below.
Lansing Regional Chamber Advocates for Crucial Behavioral Health Facility
The LRCC is proud to stand behind the University of Michigan Health-Sparrow's proposal to develop a 120-bed behavioral health facility at the site of the former Eastern High School. This facility will play a critical role in addressing the mental health needs of our community, while also providing a boost to job creation and economic growth along the Michigan Avenue Corridor.
The LRCC has formally expressed its strong support to the Lansing City Council and is urging them to avoid any measures, such as designating the old high school as a historic district, which could potentially delay or hinder this important project. The LRCC remains committed to advocating for initiatives that promote both the well-being of our community and the growth of local businesses. Read the full letter submitted to Lansing City Council from the LRCC.
LRCC Policy & Regulatory Business Education Series
The LRCC, in partnership with Choose Lansing and presented by Foster Swift, is excited to announce a new three-part series focused on labor and employment law updates. These sessions will cover critical updates specific to paid sick leave and minimum wage laws, helping you and your business stay informed and compliant with the latest regulatory changes. Don't miss the opportunity to stay ahead of important regulatory shifts! Register today for the first session on Oct. 9, from 2:30 to 3:30 p.m.
