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The United Voice of the Hardwood Industry The Hardwood Federation brings together 30 associations dedicated to promoting and supporting the hardwood industry. We are the voice of the industry in Washington and we are proud to represent you. If you would like to make a tax deductible Corporate Contribution to the Hardwood Federation, please click the button below! PAC Contributions are not eligible for on-line processing through this link. For additional information on how to support the Hardwood Federation PAC, please click here. ___________________________________________________ Washington Watch Welcome to the First Session of the 119th Congress. Congress is back at it this week, with both Houses in session. All eyes are on the Senate as committees will continue to unveil text of their portions of the comprehensive budget reconciliation bill. The most consequential of this is the Senate Finance Committee which is expected to roll out draft legislation later this week. It is anticipated that the bill will revive and make permanent a pair of key business tax benefits—100 percent bonus depreciation and the research and development tax credit. The bill is also expected to make permanent the 20 percent deduction for S-Corporations and other pass-through structures. The House-passed bill actually bumps the deduction up to 23 percent, so look for the Senate to mirror House action on this front. Maintaining the delicate balance of support will be the primary issue confronting Senate leadership. A number of Senate Republicans do not support the state and local tax (SALT) deduction compromise in the House bill but modifying that provision threatens to upend support from House Republicans in high SALT states. Likewise, there is appetite among several Senate Republicans to extend the phase out dates for many of the Inflation Reduction Act renewable energy tax credits, but the House Freedom Caucus members have insisted that doing so would kill their support for the bill. In the House, Agriculture Secretary Brooke Rollins is scheduled to appear before the House Agriculture Committee on Wednesday morning. She is expected to be questioned on the Administration’s trade and tariff policies. The Federation has reached out to Members on the committee to ask the Secretary about the possibility of financial support for the hardwood sector in light of current economic conditions and trade challenges. U.S. House of Representatives - Schedule for the week of June 9, 2025
U.S. Senate - Schedule for the week of June 9, 2025
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