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FEATURED INDUSTRY NEWSDiscover Boating Atlanta, Chicago & New England Boat Shows Spur First-Quarter Sales Amid HeadwindsWhile market conditions coupled with winter storms tempered event crowds last weekend, the Discover Boating Atlanta, Chicago and New England boat shows, in partnership with Progressive Insurance®, drew in nearly 50,000 determined buyers and boating enthusiasts to shop the thousands of new boats and the latest marine gear, taking advantage of winter show deals. Despite higher interest rates after years of record growth in recreational boat unit sales, several exhibitors across each show in Atlanta, Chicago and New England, reported encouraging sales and a kick-start to new leads in the New Year, with some exceeding expectations. Read More Chief Tax Writers Introduce Bipartisan Tax FrameworkOn Tuesday, the U.S. Senate Finance Committee Chairman, Ron Wyden (D-OR) and House Ways and Means Committee Chairman, Jason Smith (R-MO-08) announced a framework for a package of tax improvements for businesses, including reinstating the research and development (R&D) tax deduction – a top priority for the industry. Since January 2022, businesses, including marine manufacturers, are required to spread R&D expenses over several years – also known as amortization – which has increased the cost of investing in innovation and technological advancements. Read More LEADING ECONOMIC AND POLICY NEWSCongress Passes Temporary Spending Bill To Keep Government Open Until March, Sending It To President BidenBloomberg reports Congress on Thursday “passed a temporary spending bill to avert a partial US government shutdown this weekend, sending the legislation to President Joe Biden for his expected signature.” The continuing resolution “would fund some US agencies – set to run out of money after Friday – through March 1 and others through March 8.” The AP reports that the House “approved the measure by a vote of 314-108, with opposition coming mostly from the more conservative members of the Republican conference.” The Senate earlier “had voted overwhelmingly to pass the bill by a vote of 77-18.” Reuters reports Senate Majority Leader Schumer said, “We have good news for America. There will not be a shutdown on Friday,” but “that sentiment was not shared by some far-right House Republicans. ‘It’s a loss for the American people to join hands with Democrats, form a governing coalition to do what Schumer and the Senate want to do,’ House Freedom Caucus Chairman Bob Good told reporters after the vote.” Politico reports the continuing resolution is “the third funding patch Congress has cleared since the current fiscal year kicked off on Oct. 1. Each of those stopgaps has riled drama among House Republicans, eight of whom voted with Democrats to oust former Speaker Kevin McCarthy after he agreed to pass the first patch in late September.” Still, the Wall Street Journal says the CR “does nothing to alleviate underlying political pressures stemming from high U.S. debt levels, record crossings at the southern border and an enduring war in Ukraine.” The New York Times says that passage of the legislation “affords lawmakers another six weeks to negotiate and pass a dozen spending bills totaling $1.66 trillion to fund the government through the fall, the level Democrats and Republicans agreed upon earlier this month. That plan would hold most federal spending steady while bolstering the military.” The Washington Post reports, “Lawmakers will have to move faster to pass the 12 appropriations bills than it appears. The House and Senate are only in session together six days between Friday and March 1, the first deadline of Thursday’s bill, and 10 days between Friday and March 8, the second deadline.” CNN, Roll Call, The Hill, and USA Today. Major Stock Indices Close Higher On ThursdayCNBC reports, “Tech companies, led by Apple, powered the market Thursday and pulled the major averages into positive territory.” The Dow Jones Industrial Average “added 201.94 points, or 0.54%, rebounding from its 143.72-point loss earlier in the trading session. ... The tech-heavy Nasdaq Composite jumped 1.35% to close at 15,055.65,” and the S&P 500 “climbed 0.88% to end at 4,780.94, now just 15.62 points, or 0.33%, from its closing record.” Previous Top Stories | |||||||||||
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