Congressman Allen West – Legislative Lowdown and the coming week 10/31/11

Legislative Update

Land Exchange: On Wednesday, the House approved H.R. 1904, Southeast Arizona Land Exchange and Conservation Act of 2011, by a
vote of 235-186, I VOTED YES. The bill would authorize a land exchange in Southeast Arizona that would open up the third largest undeveloped copper resource in the world. H.R. 1904 would create thousands of jobs in the United States, increase domestic copper production, and lead to greater national security.

3 %  withholding: On Thursday, the House approved H.R. 674, a bill to amend the Internal Revenue Code of 1986 to repeal the imposition of 3 percent withholding on certain payments made to vendors by government entities, by a vote of 405-16, I VOTED YES.  For example, on an invoice for $20,000 the government would pay the business $19,400 and withhold $600 as a preemptive tax.  According to the Joint Committee on Taxation, repealing this requirement would reduce federal revenues by $11.2 billion over the 2012–2021 period. To offset the revenue reduction caused by H.R. 674, the House considered H.R. 2576 (below).

– Modified Adjusted Gross Income: Also on Thursday, the House approved H.R. 2576, a bill to amend the Internal Revenue Code of 1986 to modify the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs, by a vote of 262-157, I VOTED YES. H.R. 2576 would require all Social Security and Tier 1 Railroad Retirement benefits to be included as part of modified adjusted gross income (MAGI) for purposes of determining eligibility for certain Medicaid applicants and subsidies for health insurance purchased through the new health insurance exchanges to be established under the Patient Protection and Affordable Care Act (the Democrats’ healthcare takeover, P.L. 111-148).

Legislation Co-Sponsored This Week

• Letter to Appropriations Committee re: Catch Share programs along 
  Atlantic seaboard
 -Author: Rep. Jones (R-NC)

• Letter to Senate re: DOMA & NDAA
 -Author: Rep. Akin (R-MO

Coming Week

– Improving Small Business Capital Formation: H.R. 2940, the Access to Capital for Job Creators Act, would remove the regulatory ban that prevents small, privately held companies from using advertisements to solicit investors—a Depression-era regulation that unnecessarily limits the pool of investors and severely restricts the ability of small companies to raise capital. Additionally, H.R. 2930, the Entrepreneur Access to Capital Act, would remove SEC restrictions on “crowdfunding” so entrepreneurs can raise capital from a large pool of small investors who may or may not be considered “accredited” by the SEC. H.R. 2930 would permit “crowdfunding” to finance new businesses by allowing companies to accept and pool donations up to $5 million without having to register with the SEC.

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