Death Tax Repeal Act

Many family businesses must keep inventories valued in the millions to service customers. This inventory often accounts for the vast majority of the family's assets. When the owner of the business dies, the family may be forced into selling equipment or liquidating the entire business to raise the funds for the estate tax. Selling the business to pay the estate tax bill could mean selling at a deep discount to find potential buyers. On March 9, 2021, ASA joined coalition partners in supporting the Death Tax Repeal Act, introduced in the Senate by Senator John Thune (R-SD) and in the House by Representatives Randy Feenstra (R-IA) and Sanford Bishop (D-GA), a bill that will permanently repeal the federal estate tax and generation skipping tax.

Infrastructure

When thinking about infrastructure, most people think of roads and transportation. However, buildings are an important and essential part of infrastructure as well. This also includes the essential systems that go into buildings, such as plumbing and HVAC. ASA has worked individually, as well as with its coalition partners, to work on effective codes and standards measures at both the federal and state levels to ensure infrastructure investments provide the best possible return.

Healthy H2O Act

ASA supports S.806/H.R. 1721, the Healthy H2O Act, legislation that would provide direct assistance to rural communities, households, and non-profits to test their drinking water and fund filtration technology to provide safer drinking water. Rural communities have historically been overlooked by federal investments when it comes to addressing drinking water challenges, especially those who are dependent on private wells. This measure can protect public health and use voluntary solutions to address a key gap in drinking water safety, by ensuring people have tools to: 1.) test their drinking water, 2.) understand the impact of health contaminants found in their water sources, and 3.) access a solution that best fits their situation.

Workforce Development

ASA strongly supports more investment in applied technology training, to return craft education to our schools and to encourage the next generation to join our workforce. Recently, ASA enthusiastically supported the recently introduced Workforce Investment and Opportunity Act (WIOA) reauthorization, H.R. 6655, A Stronger Workforce for America Act.

Last In, First Out (LIFO) Accounting

ASA opposes any efforts to repeal LIFO. Roughly half of the companies in the PHCP/PVF distribution chain use LIFO inventory valuation. Should LIFO be repealed, distributors would be forced to pay a tax on unrecognized “phantom profits” caused by swings in commodity prices. In addition, the marginal increase in their tax liabilities will severely damage growth prospects. Repealing LIFO would provide little benefit to federal revenues and would be a threat to businesses who have counted on LIFO for decades.

Decarbonization and Green House Gas Reduction Programs

ASA supports programs intended to reduce Green House Gas (GHG) emissions and allow for a smooth transition to cleaner energy; however, we do not support electric-only policies. ASA has developed a Position Statement on this issue and a one-page infographic.