Bankers Want IRS to Withdraw Rule

 

The Independent Community Bankers of America (ICBA) has called on the Internal Revenue Service to withdraw a proposal to raise taxes on community banks, family farms and other family-owned businesses. In a comment letter, ICBA said the IRS plan would increase the estate tax on many community banks by more than 30 percent—exacerbating consolidation in the banking industry and harming local communities.

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Legislation Would Delay Overtime Law


Legislation that would delay the implementation of new overtime rules by six months passed the US House of Representatives, but faces a potential veto by the President if it progresses.
The Republican-backed Regulatory Relief for Small Businesses, Schools and Nonprofits Act, or HR 6094, introduced by Rep. Tim Walberg, R-Mich., would postpone until June 1, 2017, the implementation of new Department of Labor rules that would shift the threshold for determining overtime pay.

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China May Accept Montana Beef


China plans to lift its 13-year-old ban on select U.S. beef exports. Issued in 2003, in response to a Mad Cow Disease scare, the ban hindered an industry that has suffered massive reductions in price for cattle over the last year. With China as the second largest beef customer in the world, the announcement reopens a lucrative market for Montana’s export-oriented economy.

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Federal Court’s Injunction Blocks Overtime Rule


A federal judge in Texas granted a preliminary injunction to block the Department of Labor’s (DOL) new overtime regulation. The U.S. District Court in the Eastern District of Texas granted a nationwide preliminary injunction for multiple lawsuits brought by the State of Nevada and 20 other states, and a number of business organizations led by the U.S. Chamber of Commerce. This is a major win for the business community, especially in Montana.

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Texas Group Challenges Continued Existence of EB-5 Program


A Texas group that sued the federal government over alleged misuse of investor visas is suing again to shut down the program altogether.
Urban Equality Now contends the national EB-5 program ran out of money Sept. 30 when Congress failed to reauthorize funding. [The EB-5 program is part of the proposed funding package for Big Sky One project in downtown Billings.]

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SBA Fee will Remain at Zero


During the Small Business Administration’s FY2017, the one-time SBA guarantee fee will remain at zero and the ongoing SBA guarantee fee for regular 504 loans has been reduced from .914% to .0697%. On 504 Debt Refinance loans the onetime SBA guarantee fee is also zero with the ongoing SBA guarantee fee at .731%.

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SBA Seeks Nomination for Small Business Awards


The U.S. Small Business Administration is now accepting nominations for its 2017 National Small Business Week Awards, including the annual Small Business Person of the Year. Since 1963, National Small Business Week has recognized the outstanding achievements of America’s small businesses for their contributions to their local communities, and to our nation’s economy.

Read more: SBA Seeks Nomination for Small Business Awards

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