Business & Economy
In Case You Missed It: Schock and Schilling Introduced Small Business Tax Relief Bill PDF Print E-mail
News Releases - Business & Economy
Written by Andie Pivarunas   
Friday, 10 February 2012 08:41

Companion Legislation Introduced Today in the Senate

Washington, DC – Congressmen Aaron Schock (IL-18) and Bobby Schilling (IL-17) last week introduced the 1099K Overreach Prevention Act, which will prohibit the Internal Revenue Service (IRS) from implementing a new tax reporting requirement that would have far reaching implications for small business owners nationwide.  Companion legislation was introduced today in the Senate by Senators John Thune (R-SD) and Maria Cantwell (D-WA).

“This is an unnecessary IRS requirement that will only lead to more accounting headaches for businesses. My concern is that the IRS is asking for flawed information from small businesses by requiring them to reconcile their internal numbers with that of third party entities,” said Congressman Schock. “When you take into consideration all of the types of merchant transactions that occur between a customer and a small business all this adds up to unnecessary administrative costs, a new accounting burden, and more time away from growing their business. At a time when there is still record unemployment, adding another job killing regulation on small businesses is not the right solution.”

“As a small businessperson, I’ve seen the impact of government red-tape and paperwork firsthand.  When I speak to fellow small business owners, I frequently hear that they are burdened with a lot of complicated paperwork that is difficult and time-consuming to navigate,” said Congressman Schilling. “For small companies, the cost of tax compliance is already $1,584 a year.  It is wrong to weigh down the very folks we are asking to put Americans back to work and lead us into economic recovery.”

The Housing and Economic Recovery Act of 2008 requires the IRS to collect a new document known as a 1099K from third party payment entities, such as credit card companies. The 1099K will show all credit transactions within a merchants business for a given year. Unfortunately, the IRS is using the 1099K to add additional burdens on small business tax forms by requiring them to reconcile this report with the merchants own internal numbers, which was NOT the original intent of the law.

Customers asking for cash back, returning merchandise bought on credit for cash, or collecting the deposits for rentals can all lead to discrepancies when reconciliation occurs.  As many small businesses don't have the specialized accounting software, bookkeeping technology, time, or personnel to cross reference and reconcile their own internal numbers with third party generated numbers, this reconciliation requirement increases the accounting workload and costs for small businesses.

The 1099K Overreach Prevention Act prevents the IRS from using the 1099K data to require new reconciliatory calculations on the part of the small business, returning this provision to the intent of the law when it was enacted.

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Agriculture Secretary Vilsack to Discuss President Obama’s Blueprint for Economic Revitalization and Job Creation in Iowa PDF Print E-mail
News Releases - Business & Economy
Written by USDA Communications   
Thursday, 09 February 2012 15:00

WASHINGTON, Feb. 9, 2012- TOMORROW,  will host a roundtable with Iowa agriculture and business leaders as well as Des Moines Area Community College faculty and students to discuss President Obama’s efforts to strengthen the Iowa economy. He will also discuss USDA’s efforts to support Iowa’s rural communities and agriculture sector. Agriculture Secretary Tom Vilsack

 

In Iowa, USDA has provided 62 grants and loans to assist rural small and mid-sized businesses create or save 5,300 jobs over the past three years. USDA has also improved and modernized rural electric infrastructure for over 91,000 rural residents and businesses in Iowa with more than 2,636 miles of new and upgraded electric lines. Across the country, USDA has helped more than 7,435 rural families in all 99 counties buy or refinance a home.  The department has provided grants and loans for water and waste water community infrastructure projects to help safeguard the health of 257,000 rural residents and create or save 1,900 jobs.

 

Friday, Feb. 10, 2012

9:45 a.m. CST

 

WHAT: Agriculture Secretary Tom Vilsack will host a roundtable with Iowa agriculture

and business leaders as well as Des Moines Area Community College faculty and students to discuss President Obama’s efforts to strengthen the Iowa economy.

 

WHERE: Des Moines Area Community College– Room 101

Building 3E

2006 South Ankeny Blvd.

Ankeny, Iowa 50023

 
Illinois Joins Multi-State Settlement with Five National Banks PDF Print E-mail
News Releases - Business & Economy
Written by Andrew Mason   
Thursday, 09 February 2012 14:51

More than $1 Billion in Mortgage Relief for Illinois Families

CHICAGO – February 9, 2012. Governor Pat Quinn today announced that Illinois mortgage regulators have joined with their counterparts across the country to accept the terms of a national settlement with five of the nation’s largest banks. Under the settlement, more than $1 billion will go to help struggling Illinois homeowners and those affected by improper foreclosures.

The settlement will provide direct assistance to distressed homeowners, including helping them to change the terms or payments of their mortgages so they can stay in their homes. The settlement will also provide monetary awards to families who lost their homes due to faulty foreclosure proceedings, and will reform the mortgage servicing practices that led to the problems faced by tens of thousands of Illinois families.

“Over the past years, we’ve seen how the flawed mortgage financial system has hurt Illinois families, and I want to thank Attorney General Lisa Madigan for her advocacy on this issue,” Governor Quinn said. “This settlement will help those most affected by the housing crisis, and will establish new rules for mortgage lending that will be easier to understand and enforce.”

The settlement significantly eases the way for families to modify the terms of their mortgages. For families that are at risk of default, money has been set aside to help reduce the principal balance on the loan and reduce monthly mortgage payments.

The settlement also provides direct help to homeowners who owe more on their mortgage than the current value of their homes. The banks will also allocate funds to reduce the principal balance, approve short-sales (where the property is sold for less than the balance on the mortgage, with the bank’s approval) and allow for unemployed payment forbearance, which defers payments for homeowners who are between jobs. Under the terms of the settlement, the five lenders are barred from starting foreclosure proceedings on mortgage loans while the homeowner is in negotiations on loan a modification.

The State’s Department of Financial and Professional Regulation (IDFPR) is responsible for overseeing the activities of mortgage lenders and servicing companies. It has aggressively targeted mortgage fraud and sloppy or illegal loan processing and servicing. The settlement also includes $1 million for the state agency that will be used by IDFPR to continue its ongoing investigative and enforcement work.

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Jonathan Wallace's Statement on CAT's Decisions PDF Print E-mail
News Releases - Business & Economy
Written by Jonathan Wallace   
Thursday, 09 February 2012 14:33

Rock Island, IL...Recently Caterpillar Inc. turned down Silvis, Illinois for a plant location citing, "concerns about the business climate and overall fiscal health of the state of Illinois."* Jonathan Wallace, candidate for State Representative, released the following statement regarding Caterpillar's decision to rule out Illinois for future plants:

 

“First a tax increase, then a credit downgrade, and now a major job creator tells it like it is: Illinois has a toxic policy environment for job creation. We need to stymie the tide of failing business confidence by electing leaders who actively engage and cultivate the growth of business, small and large.

 

“We need to hold our elected officials in Springfield accountable for this loss. Another lost business opportunity can be added to State Rep. Pat Verschoore’s extensive record of poor policies. It’s time for a new era of leadership in Illinois for the sake of job creation and the next generation.”

 

*Caterpillar rules out Silvis and other Illinois sites for plant; reasons include business climate, Dispatch Argus, February 8, 2012.

 

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Schilling Supports Bipartisan Budget Reform Efforts PDF Print E-mail
News Releases - Business & Economy
Written by Andie Pivarunas   
Thursday, 09 February 2012 14:31
Washington, DC – On the very day the Administration expressed “no opinion” about whether the Senate should pass a budget, Congressman Bobby Schilling (IL-17) joined with the majority of his colleagues on both sides of the aisle in supporting bipartisan efforts to reform the budgeting process. 

“Neither side of the aisle is blameless for the fiscal crisis we are in, and both are responsible for guiding us out of it,” Schilling said.  “The current budgeting process is neither transparent nor accurate, and – if you take a look at the 1,015 days since the Senate last passed a budget – hardly mandatory. 

“The fact of the matter is that we are in a spending-driven crisis with a national debt of more than $15 trillion.   We will be unable to get ourselves out of it unless we seriously develop a credible plan to get our fiscal house in order, grow our economy, and get Americans back to work.  The House has passed more than 25 bipartisan jobs bills that are currently stalled in the Senate and I am pleased to support these two budget reform bills, continuing to fundamentally change how Washington does business and end its spending addiction once and for all.”

Schilling this week voted in favor of H.R. 3521, the Expedited Legislative Line-Item Veto and Rescissions Act, put forth by Budget Committee Chairman Paul Ryan (R-WI) and Ranking Member Chris Van Hollen (D-MD).  This bill would give the president authority to identify reductions in spending provisions within an appropriations bill, which would only take effect if legislation was passed by an up-or-down vote in both chambers of Congress.  Each dollar of savings from the rescission would be devoted to deficit reduction.  Schilling yesterday supported H.R. 3581, the Budget and Accounting Transparency Act, which would  increase transparency and accuracy in budgeting for federal credit programs, the housing-related government sponsored enterprises, and the publication of budget-justification materials.  More information on these bills can be found on the House Budget Committee’s website.

In addition to introducing the Govern Before Going Home resolution in 2011, Schilling has cosponsored the H.R. 3643, the No Budget, No Pay Act, which would prohibit Members of Congress from getting paid should they miss deadlines for annual budget and appropriations bills, and ensures that missed pay could not be recouped retroactively.

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