This week, the Senate Committee on Homeland Security passed S. 280, a bill sponsored by senators Portman (R-Ohio) and McCaskill (D-Mo.).
The51·çÁ÷ Financial Issues Committee (FIC) Summer Meeting will be held June 8-9, 2015 at The Broadmoor in Colorado Springs, CO. The meeting is geared toward member company 51·çÁ÷ member company CFOs, Treasurers, Finance Directors, Controllers, Tax Directors and other senior accounting professionals. Members have an opportunity to learn as well as formulate positions on tax and accounting matters that directly affect the bottom line and operations of 51·çÁ÷ member companies of all sizes and specialties. Current FIF projects include helping construction companies to prepare for the new Revenue Recognition Accounting Standard Update.
On April 22, the House Appropriations Committee approved by unanimous voice vote a funding bill that would significantly increase funding for the U.S. Army Corps of Engineers’ Civil Works Program in fiscal year 2016 as compared to the president’s budget proposal. The Energy and Water Development appropriations bill would provide $5.597 billion to the Civil Works Program in FY 2016; that’s $864.75 million more than the president requested in his budget proposal and $142.25 million above the FY 2015 funding levels. The bill: (1) increases the president’s proposed construction account funding level by about 40 percent to $1.631 billion; (2) increases the operations and maintenance account funding level to $3.058 billion—the most ever and about $350 million more than the president requested; and (3) increases funding out of the Harbor Maintenance Trust Fund to $1.178 billion—the highest ever—and increases spending from the Inland Waterways Trust Fund to $340 million—which is reportedly all of the estimated revenues expected to flow into the fund this year.
Over the last year, the federal government has issued a host of new regulations impacting your construction business. Do you know about those regulations? Is your company already in compliance with them or properly preparing? Want to learn from construction law experts? Register for the Federal Contractors Conference todaywhile space is still available!
This week, 51·çÁ÷ met with Department of Veterans Affairs Secretary Robert McDonald, at his request, to discuss the agency’s construction program and our concerns for its future. Secretary McDonald admitted to the agency’s difficulties and expressed his sincere interest in working with 51·çÁ÷ and its members to improve its construction program. 51·çÁ÷ graciously accepted his offer to work with him and the agency to do so.
The 51·çÁ÷ Financial Issues Committee (FIC) Summer Meeting will be held June 8-9, 2015, at The Broadmoor in Colorado Springs, Colo. The link to the meeting’s registration page is here. Early-bird registration ends Monday,April 13. Meetings center around discussions with FASB reps, congressional representatives, practitioners, and financial officer breakout groups on topics including internal controls, project performance reviews and using technology like Box.com in operations or accounting functions. Attendees also have an opportunity to network and discuss a wide variety of topics, including: audit issues faced by construction companies; congressional action on tax policy; and an economic outlook for the industry.
Recently, 51·çÁ÷ sent a letter opposing the possible use of a project labor agreement (PLA) mandate posted by the Pacific Naval Facilities Engineering Command for the construction of a multi-story replacement clinic to provide primary medical and dental care at the Marine Corps Base in Honolulu, Hawaii.
This week, 51·çÁ÷submitted comments on the U.S. Small Business Administration’s (SBA) proposed rule that would change the performance of work requirements small business general and specialty subcontractors must self-perform. The proposed rule would change the performance of work requirement to that of a limitation on subcontracting requirement—general small business contractors could not subcontract more than 85 percent of the amount paid on the contract; and specialty small business contractors could not subcontract more than 75 percent of the amount paid on the contract. The calculation of how much work is subcontracted would be based on the amount the prime contractor pays to subcontractors from the contract.
Impacts Direct-Federal Contractors Only
51·çÁ÷ submitted comments this week on the U.S. Small Business Administration’s (SBA) proposed rule that would expand mentor-protégé joint venturing opportunities to all small businesses, regardless of small business size or category. SBA proposed this rule in response to the passage of provisions in the 2010 Small Business Jobs Act and the National Defense Authorization Act of 2013. The public comment period has been extended to May 6. To comment, click here.