On the Hill

The National Flood Insurance Program will be hosting a number of Risk Rating 2.0 – Equity in Action webinars designed for insurance agents throughout June and July.

The coalition intends to spread the message that the tax increases proposed in the American Jobs Plan and the American Families Plan would stall economic recovery rather than fuel it.

President Joe Biden’s American Families Plan contains multiple significant tax increases, including ending the “stepped-up basis” tax preference critical to helping business survive the loss of a loved one or business partner.

The Big “I” submitted a statement on the need for a long-term reauthorization of the National Flood Insurance Program, and also submitted comments on proposed interagency Q&As on private flood insurance.

The rescinded rule would have put more emphasis on the nature and degree of the worker’s control over the work and the worker’s opportunity for profit or loss in the “economic realities” test.

The act would require FEMA to release an impact analysis at least six months before National Flood Insurance Program changes, and prohibit certain changes during and up to six months after the COVID-19 emergency declaration.

The regulation on how insurance producers offer annuities and life insurance was unanimously ruled “unconstitutionally vague” after a legal challenge spearheaded by Big I New York with assistance from the national Big “I.”

Most importantly for independent agents, the president’s plan does not call for any changes to the 20% tax deduction for small businesses. The plan is, however, expected to see several changes.

The Big “I” supports the legislation because it creates a “safe harbor” for agents and brokers who choose to do business with cannabis-related legitimate businesses.

Big “I” Chairman Jon Jensen presented the State of the Association address to Big “I” Virtual Legislative Conference attendees, offering hope and encouragement after what can only be described as a very difficult year.