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The North American Equipment Dealers Association (NAEDA) and its affiliated associations are committed to helping dealers succeed.
Senators Reach Deal On Six-Year Highway Bill
NAEDA joined dozens of other businesses and associations on Monday in urging the Senate to take a long term approach in funding a highway bill. You can view a copy of the letter signed by NAEDA here. On Tuesday, the Senate reached a bi-partisan, six year highway funding bill. Read more…
Over-documenting: DOJ Introduces New Complaint Form
On Friday, July 17, 2015, the Department of Justice introduced (for comment) a new complaint “form” which is designed to be used by employees who believe that their rights under the Immigration Reform and Control Act have been violated. The Immigration Reform and Control Act of 1986 (IRCA) is designed to prevent discrimination on the basis of national origin and it prohibits the “over-documenting” of employees. “Over-documenting” occurs when an Employers requests that an employee present more or different documents to complete the mandatory I-9 form. For example, an employer who is presented with a valid driver’s license cannot demand that the employee also present a valid passport. IRCA’s anti-discrimination law applies to employers with more than three employees.
Bottom line, if the documents presented by an employee appear to be authentic and meet the requirements of the I-9 Form, then an employer who asks for additional or different documents unnecessarily exposes themselves to liability under the IRCA. For more information on how your dealership can avoid an allegation of “over-documenting”, contact Natalie Higgins, General Counsel for NAEDA at (636) 349-6206.
NAEDA Issues Supporting Tax Legislation Letter
NAEDA in Action: Letter issued in support of proposed tax legislation which, if enacted, would allow taxpayers without certain financial statements to deduct up to $2,500 for equipment repairs.
Current IRS regulations provide a $5,000 de minimis safe harbor deduction for capital expenditures provided that the taxpayers maintain and file specific financial documents, typically an audited financial statement. Many of NAEDA’s members do not need to file the applicable financial statements given the structure of their businesses. For those businesses, the IRS only provides a de minimis safe harbor of only $500 per invoice or item. NAEDA does not believe that its members or it’s member’s customers should have to bear an unnecessary accounting burden simply to qualify for a more reasonable exemption. Such costs are clearly incurred to keep equipment in an ordinarily efficient operating condition.
NAEDA’s VP of Government Relations, Natalie Higgins, met with Representative Rod Blum’s (IA) office to discuss the measure earlier this month. After providing NAEDA’s feedback on the initial measure, NAEDA issued a letter in support of the proposed legislation. NAEDA’s letter expressed approval of Rep. Blum’s efforts to increase the de minimis safe harbor from $500 to $2,500 per invoice or item. For a full copy of the letter, click here.
Bonus Depreciation Legislation Introduced
Two Senate Finance Committee members introduced separate bonus depreciation bills the last week of June. Reinstating this capital investment incentive is one of NAEDA’s top tax priorities for this congress.
Sen. Pat Roberts (R-KS) unveiled a proposal to permanently reinstate 50% bonus depreciation (S.B. 1660), which is a companion bill to Rep. Pat Tiberi’s (R-OH) House bill, H.R. 2510. Sen. Debbie Stabenow (R-MI) has also introduced legislation (S.B. 1667) that would reinstate bonus depreciation for 2015 and 2016.
NAEDA is supporting both these bills and at the same time asking members of congress to also reinstate both bonus depreciation and increased Sec. 179 expensing levels immediately to incentivize equipment purchases throughout the year. Both provisions expired at the end of 2014.
Dealers are asked to contact your lawmakers to restore 50% bonus depreciation and higher Sec. 179 levels. Calls and contacts with your senators and representatives are needed to get these pieces of legislation moving forward. Remember that in August, congress will be on their summer recess and back in their home districts which will the perfect time to raise the need for passage of these bills.
Dealers Are Encouraged To Provide Examples And Impacts
Federal Overtime Exemptions in flux
On Monday, June 6, 2015, the Department of Labor issued a 180 page proposed regulation which, if implemented in its current form, will significantly reduce the number of employees who are eligible for administrative and executive exemptions from federal overtime wage laws. This broad-sweeping proposal will affect employers of all types- an anticipated 11 million American employees who are currently exempt from overtime wages would no longer be exempt under the proposed regulation. Under current federal wages laws, the earning threshold for an employee to qualify for an overtime wage exemption is $23,660.00, annually. Under the proposed regulation, however, employees would have to earn at least $50,440.00 annually to be eligible for an overtime pay exemption. In addition, the proposed regulation requires employers of exempt employees to provide annual wage increases based upon the rate of inflation and/or another specified rate (set by the Department of Labor).
NAEDA Stock Report
First Quarter Contraction, Interest Rate Worries and Greek Debt Hamper Markets
Wall Street was beset from many directions and, despite the S&P 500 Index reaching a few new highs, markets ended in negative terrain as our trading session ended June 15, 2015. The Commerce Department said that the contraction of the U.S. economy in the first three months of the year was brought on by bad winter weather and a larger trade deficit. As June began, a stronger jobs report renewed interest rate hike fears. Homebuilders’ confidence shot up to 59 in June, from 54 in May. The National Association of Home Builders/ Wells Fargo builder sentiment index said that builders show more confidence in their sales outlook than they have since fall. However, the failure of negotiators to ink a deal to resolve Greece’s debt crisis weighed most heavily on markets. “All eyes, including our own, are on Greece,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “This is a grand experiment and if it were to go awry, it would certainly have implications.”
NAEDA Thanks Congress For Passage Of Trade Promotion Authority
Many thanks to members of Congress who supported the passage and signing into law the TPA legislation. Dealers if you have not done so, please take time to reach out and thank members of Congress who voted for the TPA bill. It is especially important that these members hear directly from their constituents in their states. Click here for every member of Congress who voted yes on TPA and the contact information for their relevant staff. Please be sure to send your thank yous to these groups. NAEDA, plans also to stay engaged over the weeks and months ahead as the TPP and other U.S. trade negotiations move forward.
EDF Disaster Relief Application
NAEDA Dealers who have employees that have been negatively impacted by recent natural disasters may qualify for Disaster Relief assistances through NAEDA’s Equipment Dealer Foundation (EDF). Click here for the Disaster Relief application and guidelines.
Disaster Relief - Dealers Helping Dealers
Recent torrential rains leading to extensive flooding in Texas and Oklahoma have left a lasting impression on all of us. The devastation from these storms left numerous dead and missing and thousands without basic necessities, such as food, water or shelter. Some of those affected are equipment dealers and their employees. We are asking for your financial support once again to replenish the Disaster Relief Fund to insure that we will be able to address requests from these most recent events and future natural disasters that are sure to come.
Markets Inch Ahead In Lackluster Session
The NAEDA Equipment Dealer Stock Index gained 12.09 points, or 1.20 percent in our trading session that closed May 15, 2015, with the S&P 500 Index ending in record territory. Advancing issues topped declining issues by a 13-to-9 count.
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From the NAEDA Office
Equipment Dealer To Undergo Transformation
New magazine will debut this spring.
As a part of our ongoing effort to improve the value proposition for dealer members, the NAEDA Board of Directors recently decided to put Equipment Dealer magazine on a two- to three month hiatus while we work to expand the content and enhance the delivery of the publication. The “new and improved” magazine is a significant part of the associations’ ongoing communications initiative, which addresses our entire messaging platform – magazine, e-newsletter, web site, email and other key components.
Free Webinar to Watch on How to Achieve Greater Success in Hiring National Guard Members and Other Veterans