Emmer Announces First Legislation of the 116th Congress
Washington, D.C. – Today, Congressman Tom Emmer (MN-06) announced a series of bills that will bring regulatory relief, prioritize funding for critical infrastructure projects, provide a technical fix for the tax treatment of recreational vehicles and campers, and support ongoing blockchain innovation.
“These bills are a symbol of my commitment to creating jobs, investing in Minnesota’s transportation infrastructure, and encouraging financial innovation right here at home.” Emmer said.
The National Interchange/Intersection Safety Construction Program Act
Congressman Emmer’s first bill introduced in the 116th Congress is the National Interchange/Intersection Safety Construction Program Act. This legislation prioritizes funding for intersections and interchanges, improves safety, and increases local control over federal transportation dollars. The bill will prioritize a portion of federal highway funds for interchange and intersection development, and allow projects to compete for those funds. This legislation will not increase spending or require additional appropriations, rather a portion of annual existing federal highway funds will be targeted for local entities to apply and compete.
“Minnesotans know firsthand the insufficient interchanges and intersections on highways like 10, 35, 55, and 94,” said Emmer. “This bill will not only set aside funds dedicated to making sure intersections and interchanges are safe, but it will also relieve congestion so Minnesotans can keep moving and our state’s businesses can grow and thrive.”
Read the full text of the National Interchange/Intersection Safety Construction Program Act here.
The Main Street Growth Act
The Main Street Growth Act, (H.R. 5877 in the 115th Congress) is another legislative priority for Representative Emmer during the 116th Congress. This legislation – which was unanimously – approved by the House of Representatives during the 115th Congress – will facilitate the creation of venture exchanges, creating jobs, improving capital formation and encouraging more early-stage Initial Public Offerings (IPOs). Specifically, this bill will allow the U.S. Securities and Exchange Commission to provide for the creation of venture exchanges. These specialized securities exchanges will help small and emerging growth companies gain access to the capital they need to grow and succeed. The Main Street Growth Act also passed 56-0 out of the Financial Services Committee, showcasing it’s wide bi-partisan support.
“It is critical that our capital market structure meets the needs of American companies, regardless of size or type. This legislation, if enacted, will make it easier for thousands of small and emerging growth companies – including over 100 in Minnesota - to go public, generating millions of jobs and trillions of dollars in revenue for the economy. I look forward to both sides of the aisle coming together to ensure that American entrepreneurs and workers can continue to succeed,” added Emmer.
Read the full text of the Main Street Growth Act here.
The Blockchain Regulatory Certainty Act
The Blockchain Regulatory Certainty Act, encourages development of innovative new technologies in the United States. Specifically, the measure confirms that blockchain innovators who do not take control of consumer funds, do not need to register as a money transmitter. Examples of these entities include "miners" that validate network integrity and multi-signature providers that provide enhanced asset security to users.
For the new Congress, Representative Darren Soto (D-FL) has joined as the bipartisan co-lead.
Emmer added, “The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth. These technologies hold untold promise for our economy and for all Americans.”
Read the full text of the Blockchain Regulatory Certainty Act here.
The Travel Trailer and Camper Tax Parity Act
Finally, the Travel Trailer and Camper Tax Parity Act makes a small change to the tax code which will provide consistency and clarity for recreational vehicle (RV) and camper dealers, their employees and consumers. While the Tax Cuts and Jobs Act made many important changes to the way businesses can deduct interest and depreciate expenses through clearer definitions and guidelines, towable RVs and campers were inadvertently excluded from the definition of Motor Vehicle, preventing dealers and retailers from obtaining critical financing when purchasing new inventory of RVs.
"The way the law is currently written leaves our RV dealers without the clarity and consistency they need, putting them at an unnecessary competitive disadvantage," said Emmer. "Since RV ownership continues to climb in Minnesota and across the country, it is imperative for Congress to immediately correct the tax code by passing this common sense legislation."
“I look forward to moving these bills forward and following through on the priorities important to the constituents of Minnesota’s Sixth Congressional District.” Emmer concluded.
Read the full text of the Travel Trailer and Camper Technical Correction Act here.