The 2016 CFMA Financial Benchmarker Report presents a detailed analysis of key operating data from the construction industry. The report, based on confidential surveys completed by 869 companies in early 2016, showed an increase in return on assets (ROA), return on equity (ROE), average days in accounts receivable, gross profits and net income and a decline in average days in accounts payable.

On Dec. 5, ABC, along with a broad coalition of 380 stakeholders, sent a letter to Speaker of the House Rep. Paul Ryan (R-Wis.) urging him to make the Regulatory Accountability Act (RAA) an early priority for the 115th Congress.  The bill seeks to improve the transparency of regulations by requiring agencies to invest more effort earlier in the rulemaking process to gather data, evaluate alternatives, and receive public input about the costs and benefits of its rules.

Section 179 of the U.S. tax code presents a welcome opportunity for small business owners to save money at tax time. An economic incentive designed to encourage the purchase of business-related equipment, Section 179 lets taxpayers deduct the full cost (within limits) of certain types of property from their federal taxes for the year the property was purchased and put into service.

On Nov. 14, the Department of Homeland Security, U.S. Citizenship and Immigration Services (USCIS) released a revised I-9 Form. Employers can begin to use the newly revised I-9 Form or continue to use the current version, which is dated 3/8/2013. However, beginning Jan. 22, 2017, all employers must use the revised I-9 Form (edition date 11/14/2016 noted at the bottom of the form) for all new hires to verify their employment eligibility, including U.S. citizens and non-citizens. Employers who fail to use the new form on or after Jan. 22 may be subject to penalties. 

In a victory for taxpayers and merit shop contractors, the Illinois House of Representatives failed to reach the three-fifths majority required to override Gov. Bruce Rauner’s (R-Ill.) veto of S.B. 2964. The bill would have tied prevailing wage rates for public projects to local union rates.

ABC announced new resources made available to its members through its membership in the Construction Industry Alliance for Suicide Prevention. ABC joined the Construction Financial Management Association (CFMA)-led alliance in October 2016 to help provide resources and disseminate information on suicide prevention and mental health awareness in the construction industry, with a goal of building a zero-suicide industry.

The anti-retaliation provisions of the Occupational Safety and Health Administration’s (OSHA) Electronic Injury Reporting and Anti-Retaliation final rule (also known as Improve Tracking of Workplace Injuries and Illnesses) go into effect Thursday, Dec. 1. The rule, which was finalized on May 12, 2016, will make the submission of the injury and illness forms mandatory and exclusively electronic for most employers. For the first time, OSHA plans to make this information publicly available on the Internet through a new searchable database and use the data for enforcement purposes. Also, some forms of post-accident drug testing and accident-free programs will be deemed to be unlawfully

On Nov. 22, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction blocking the U.S. Department of Labor’s (DOL) burdensome and costly overtime final rule. The rule would have changed the federal exemptions to overtime pay under the Fair Labor Standards Act for administrative, executive and professional employees, the so—called "white collar" worker classifications that have long been exempt from time-and-one-half pay for working more than 40 hours per week. The new rule will not go into effect without further action from the court.

WASHINGTON, D.C., Nov. 23– Associated Builders and Contractors (ABC) welcomed news that the U.S. District Court for the Eastern District of Texas issued a preliminary injunction blocking the U.S. Department of Labor’s (DOL) burdensome and costly overtime final rule. Prior to the injunction, the rule was scheduled to go into effect on Dec. 1 and would have doubled the current minimum salary threshold for employees that are exempt from overtime pay and automatically increased it every three years.

ABC has added Massachusetts Chapter member Barry Belcastro of Belcastro Brothers, Inc. to the Beam Club Presidential level. The Beam Club was established in 1966 to recognize ABC’s top membership recruiters for their commitment to growing the association. By recruiting five new members, ABC members are automatically enrolled in the Beam Club by their chapter.