Renewing Investment in American Workers and Supply Chains Act

ACCESS TO CAPITAL JOBS Act 4.0: Continue to support this legislative package of access to capital measures and regulatory improvements introduced by Senator Pat Toomey (R-PA). Improving Crowdfunding Rules: Continue to express support for enhancements to equity and debt-based crowdfunding (Title III crowdfunding) that would lower costs, unleash additional capital, and improve reporting and regulatory compliance for startups and small businesses. TAX AND SPENDING POLICY Build Back Better Act (BBB)"/"Inflation Reduction Act" (IRA): Opposed this variation of BBB that raises taxes and fuels inflationary pressures through new government spending. Specifically, in IRA: Expressed concern and opposition to: the various tax increases including corporate taxes, tax changes to carried interest and extending the limitation on Main Street pass-through businesses to claim losses for two years without extending the 20% small business deduction; the size of the spending package and its impact on inflation and fiscal condition of the federal government; price controls on drugs; and the new spending for the IRS without implementing needed reforms and checks. Tax Cuts and Jobs Act (TCJA): Continue to express support for the permanency of various provisions of the TCJA including Section 199A, lower personal tax rates, expensing provisions and estate tax changes. Main Street Certainty Act, H.R. 1381/S. 480: Continue to support the advancement of this bill to make permanent the 20% small business deduction in the Tax Cuts and Jobs Act. Renewing Investment in American Workers and Supply Chains Act, H.R. 7229/S.4012: Support this legislation to allow accelerated depreciation for all structures. "Wealth Taxes:" Continue to oppose various schemes to tax wealth based on unrealized gains on property. REGULATION AND COMPETITION POLICY Fair and Open Competition Act, S. 403/H.R. 1284: Continue to support this legislation, which would prevent the Administration from using project labor agreement (PLAs) in federal procurement contracts. Project Labor Agreements (PLAs): Continue to express opposition to President Bidens Executive Order on the use of PLAs on federal procurement projects, including the bipartisan infrastructure package. Employee Rights Act, S.3889: Continue to support this bill introduced by Senator Tim Scott to protect the status of independent contractors. New Overtime Rules: Continue to express concern about changing overtime rules. Independent Contractor Rule: Continue to express general support for streamlining and modernizing the independent contractor rule, and oppose proposals that would make many independent workers inappropriately (and against their will and wishes) categorized at employees. Joint Employer: Expressed concern for changing "joint employer" rules as they were recently improved and modernized. Franchise Rule: Have expressed support for the current franchise rule as it is undergoing a periodic decennial review by the Federal Trade Commission (FTC). SEC Climate Disclosure Rule: Filed joints comments against the rule, and its costs, complexity and unworkability for small businesses. Mergers and Acquisitions (M&A): Continue to express concern about Federal Trade Commission and Department of Justice action and changes to the regulatory framework governing M&A review and how this would impact the innovation and startup ecosystem in the United States. President Biden Competition Executive Order: Continue to express concerns about the premise and actions behind the EO to regulate and micro-manage various sectors of the economy including technology, energy, bio-pharmaceuticals, telecommunications, railroads and other sectors that are dominated by small-to-mid-size businesses (SMBs). Targeted Tech Legislation and Anti-Trust: Continue to express concerns about the impact and unintended consequences of legislation, regulation and anti-trust re-writes at the Federal Trade Commission (FTC) aimed at big tech and how it would impact small business access to markets and capital, and the entrepreneurial and innovation ecosystem in general. American Innovation and Online Choice Act, S.2992: Oppose the legislation. Platform Competition and Opportunity Act, H.R. 3826/S.3197: Oppose the legislation. Energy and Gas Prices: Continue to express concern about restrictive energy policies with respect to developing energy in the U.S. and how such restrictions are contributing to higher energy prices. Continue to express concern about the potential for higher taxes on this sector via a "windfall profits tax," restrictions and limitations placed on energy development on public lands, and red tape and lengthy reviews for permits and energy infrastructure projects. Electronic Payments and Credit Card Regulation: Continue to voice concern about new regulations on the payments system, specifically credit routing requirements and how they undermine payment-systems innovation that has provided small businesses a lifeline during the pandemic and payments options for small businesses and startups. Expressed opposition to the Credit Card Competition Act of 2022. Privacy Policy and Legislation: Support a national framework for privacy that is inclusive and equitable to all industries. Expressed areas where the "American Data Privacy and Protection Act" (H.R. 8152) could be improved for small businesses. Railroad Strike: Expressed concern about the potential for a rail strikes and its impact on supply chains, inflation and economic disruption in general. AFFORDABLE AND COMPETITIVE HEALTH COVERAGE Affordability/More Choices: Continue to urge members of Congress and the Administration to advance market-oriented reforms that will lower health coverage costs for small businesses and increase choices in the marketplace like improved health savings accounts, support for transitional plans and local-direct health care. Oppose efforts, generally, to impose new mandates and taxes that will add to small business costs and reduce access to health care. Price Controls on Drugs: Continue to express opposition to efforts that place price controls on drugs either through Medicare negotiation, an international pricing mechanism, drug importation, and the misdirected effort to use march-in rights under the Bayh-Dole Act. Virtual Health Care and Telehealth: Urged Congress to reinstate virtual care access advanced during COVID-19 that enabled employers and health plans to provide pre-deductible coverage for telehealth services for individuals with HDHP-HSAs. ACCESS TO BROADBAND Extending America's Spectrum Leadership Act (H.R. 7783): SBE Council supported the legislation. NTIA Rules on the Infrastructure Package: Following our filing of comments before the National Telecommunications and Information Administration on the Broadband Equity, Access, and Development (BEAD) and Digital Equity Planning Grant programs in the infrastructure package, we continue to urge the adoption of simple, transparent rules and common-sense principles to ensure the effectiveness of these programs in delivering broadband to those lacking access, and to avoid waste and abuse of funds. Spectrum: Continue to express support for and the need to unleash mid-band spectrum in order to enable 5G rollout and deployment across the country. INTELLECTUAL PROPERTY RIGHTS AND PROTECTIONS World Health Organization COVID IP Waiver: Continue to express opposition to the Biden Administrations support of a petition before the World Trade Organization that would waive vital intellectual property (IP) rights for COVID-19 vaccines and US innovators, which would essentially undercut American IP rights for U.S.-made innovations. Bayh-Dole Act: Continue to express support for the principals and rational behind Bayh-Dole (which strengthened IP rights) and against effort to undermine its effectiveness such as the misuse of march-in rights to take away IP protections. TRADE & GLOBAL MARKET ACCESS Trade Agreements: Continue to push for U.S. leadership on trade deals and opening global markets for U.S. businesses. Moratorium on Customs Duties and Electronic Transmissions: SBE Council supported the renewing of the moratorium before the World Trade Organization (WTO). GOOD GOVERNMENT Improve the SBA Act (H.R. 7628): SBE Council supports the legislation. Monetary Policy: Continue to express the need for the Federal Reserve to rein in the supply of money, and leave interest rates to the market. Workforce Policy/Access to Skilled Labor Continue to express support for policies that will increase the supply of labor and skilled labor such as immigration reform, new service-sector visas, improving the earned-income tax credit, and fixing penalties on social security benefits for those who return to work.

Client expense: $45,000 · Firm income: Not reported

Government targets: Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), President of the U.S., SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA)

Like Kind Exchanges Parity for Non-Traded REITs Act (H.R. 3123) Foreign Investment in Real Property Tax Act (FIRPTA) REIT Tax Modernization Energy Efficient Qualified Improvement Property (E-QIP)(H.R. 8930) Retail Revitalization Act (H.R. 840) REIT Constructive Ownership Proposals (S.2715) International Tax Proposals Infrastructure Tax Proposals GREEN Act of 2021 (H.R. 848) Inflation Reduction Act Clean Energy for America Act (S.2118) Renewable Energy Investment Act (H.R. 3180) Stock Buy Back Proposals (S. 2758) Renewing Investment in American Workers & Supply Chains Act (HR 7229, S. 4012) Revitalizing Downtowns Act (HR 4759, S.2511) Permanently Preserving America's Investment in Manufacturing Act (HR 5371, S. 1077) Monitor residential rental issues Monitor lodging issues Monitor skilled nursing facility issues

Client expense: $1,074,000 · Firm income: Not reported

Extension and Expansion of Credits for Paid Sick and Family Leave and Employee Retention HR1319 - The American Rescue Plan Act of 2021 State and Local Tax Deduction HR202 - SALT Fairness Act HR613 - SALT Deductibility Act HR946 - SALT Act HR2439 - SALT Fairness for Working Families Act HR3925 - SHELTER Act HR5565 - Banana Stand Money Act S85 - SALT Deductibility Act S804 - SALT Deduction Fairness Act Communications with the House of Representatives re: the SALT cap. Section 199A Deduction HR1381 - Main Street Certainty Act HR5376 - Inflation Reduction Act of 2022S480 - Main Street Tax Certainty Act S2387, the Small Business Tax Fairness Act Communications with the House Ways & Means Committee and the Senate Finance Committee opposing the repeal of the Section 199A Qualified Business Interest Deduction. Opportunity Zones HR970 - The Opportunity Zone Extension Act HR4177 - The Expanding Opportunity Zones Act Communications with the U.S. Senate in support of extending the Qualified Opportunity Zone program deadlines. Section 1031 Like-Kind Exchanges HR1742 - The Real Estate Exchange Fairness Act HR5376 - Inflation Reduction Act of 2022 Conversations with the U.S. House of Representatives and the U.S. Senate in support of retaining Section 1031 Like-Kind Exchanges. Neighborhood Homes Investment Act S98 - The Neighborhood Homes Investment Act HR2143 - The Neighborhood Homes Investment Act Conversations with the U.S. House of Representatives and the U.S. Senate supporting bolstering the NHIA. First time homebuyer tax credits HR2863 - First-Time Homebuyer Act of 2021 Conversations with the U.S. House of Representatives and the U.S. Senate in support of a first-time homebuyer tax credit. Low Income Housing Tax Credit HR4204, the Affordable House Act Conversations with the U.S. House of Representatives and the U.S. Senate in support of bolstering the Low Income Housing Tax Credit. Increasing Housing Supply Conversations with the U.S. House of Representatives and the U.S. Senate in support of tax incentives to create more housing supply and more housing options for first-time homebuyers. Communications with the House and Senate regarding legislative proposals to convert underused/abandoned commercial properties into residential real estate Estate Tax Reform HR1712 - Death Tax Repeal Act HR5376 - Inflation Reduction Act of 2022 S617 - Death Tax Repeal Act Affordable Housing HR2573 - Affordable Housing Credit Improvement Act of 2021 HR2768 - American Housing and Economic Mobility Act HR5376 - Inflation Reduction Act of 2022 S1136 - Affordable Housing Credit Improvement Act of 2021 S1368 - American Housing and Economic Mobility Act Commercial Real Estate Conversion Tax Credits HR4759 - The Revitalizing Downtowns Act S2511 - The Revitalizing Downtowns Act Discussions with the House and Senate regarding policy proposals to encourage converting underutilized commercial real estate into residential housing units. Carried Interest HR1068 - The Carried Interest Fairness Act HR5376 - Inflation Reduction Act of 2022 S1598 - Carried Interest Fairness Act of 2021 Capital Gains HR9015 - More Homes on the Market Act Discussions regarding proposed legislation, the Sensible Taxation and Equity Promotion (STEP) Act. Communications with the House and Senate opposing increases to the capital gains tax rate and taxing of unrealized capital gains Energy Efficiency Tax Incentives HR2346 - E-QUIP Act HR5376 - Inflation Reduction Act of 2022 Tax Credit for Disaster Mitigation/Expenses S1805 - Shelter Act REITs HR3123 - Parity for Non-Traded REITs Act Partnership Tax Rules Communications with the Senate Finance Committee about proposed legislation to change the partnership tax rules Tax Reform HR2275 - The Mortgage Debt Tax Forgiveness Act HR2276 - the Mortgage Insurance Tax Deduction Act HR2286 - A bill to treat property transferred by gift or at death as sold for fair market value HR5376 - Inflation Reduction Act of 2022 S126 - A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes. Communications with the House and Senate opposing changes to the "step-up in basis" provision and in support of increasing the section 121 IRC exclusion. Infrastructure Proposals HR5376 - Inflation Reduction Act of 2022 Communications with the House and Senate regarding the pay-fors in the American Rescue Plan and the American Jobs Plan The Historic Tax Credit HR2266 - The Historic Tax Credit Growth and Opportunity Act HR2294 - The Historic Tax Credit Growth and Opportunity Act COVID-19 Recovery Communications with the U.S. House of Representatives and the U.S. Senate regarding the Coronavirus Recovery Fund Housing Tax Credit Statute Adjustment. Depreciation of Real Property HR7229 - Renewing Investment in American Workers and Supply Chains Act Tax incentives for housing Discussions with the House and Senate regarding policy proposals to give tax incentives for the production of residential units. Net Investment Income Tax Communications with Congressional leadership opposing the 3.8% net investment income tax. Middle Income Housing Tax Credit Discussions with the House and Senate regarding creating a "middle income housing tax credit."

"Carried Interest Fairness Act" H.R. 1068 and carried interest reform, including changes in holding period Energy efficiency and clean energy tax incentives, including the E-QUIP Act (H.R. 2346) and Inflation Reduction Act Like-Kind Exchanges (Sec. 1031) Completed contract method of accounting and condominium construction (Section 460(e) (H.R. 4061) FIRPTA reform and Parity for Non-Traded REITS Act (H.R. 3123) Net investment income tax and SECA liability Cost recovery, residential rental property and nonresidential property, including S.4012 and H.R. 7229 Low-income housing tax credit Contributions in Aid of Construction (Sec. 118) REIT rules, including investments in related parties (H.R. 840) Cancellation of Indebtedness income (section 108) Employee retention tax credit Capital gains tax rate State and local tax deduction 20% deduction for pass-through business income (section 199A) and tax rules on pass-through income, including Senator Wyden pass-through reform discussion draft Taxing appreciated capital gains at death Opportunity Zone reform, reporting, and deadline extensions; including S. 4065 and H.R. 7467 Estate tax valuation discounts and rules for grantor trusts Portfolio interest exemption and inbound real estate investment Electric vehicle charging infrastructure tax incentives Revitalizing Downtowns Act (S. 2511 and H.R. 4759) Passive Foreign Investment Company proposed tax regulations (REG-118250-20) Taxing unrealized gains annually - Administration's minimum tax proposal and Chairman Wyden proposal TCJA Permanency Act (HR 89) Business interest deductibility and section 163(j) Active loss limitation and section 461(l)

Client expense: $1,278,075 · Firm income: Not reported

Like Kind Exchanges Parity for Non-Traded REITs Act (H.R. 3123) Foreign Investment in Real Property Tax Act (FIRPTA) REIT Tax Modernization Energy Efficient Qualified Improvement Property (E-QIP)(H.R. 8930) Retail Revitalization Act (H.R. 840) REIT Constructive Ownership Proposals (S.2715) International Tax Proposals Infrastructure Tax Proposals GREEN Act of 2021 (H.R. 848) Inflation Reduction Act Clean Energy for America Act (S.2118) Renewable Energy Investment Act (H.R. 3180) Stock Buy Back Proposals (S. 2758) Renewing Investment in American Workers & Supply Chains Act (HR 7229, S. 4012) Revitalizing Downtowns Act (HR 4759, S.2511) Monitor residential rental issues Monitor lodging issues Monitor skilled nursing facility issues

Client expense: $1,074,000 · Firm income: Not reported

Like Kind Exchanges Parity for Non-Traded REITs Act (H.R. 3123) Foreign Investment in Real Property Tax Act (FIRPTA) REIT Tax Modernization Energy Efficient Qualified Improvement Property (E-QIP)(H.R. 8930) Retail Revitalization Act (H.R. 840) REIT Constructive Ownership Proposals (S.2715) International Tax Proposals Infrastructure Tax Proposals GREEN Act of 2021 (H.R. 848) Build Back Better Plan Clean Energy for America Act (S.2118) Renewable Energy Investment Act (H.R. 3180) Stock Buy Back Proposals (S. 2758) Renewing Investment in American Workers & Supply Chains Act (HR 7229, S. 4012) Monitor residential rental issues Monitor skilled nursing facility issues

Client expense: $953,000 · Firm income: Not reported

ACCESS TO CAPITAL JOBS Act 4.0: Support this legislative package of access to capital measures and regulatory improvements introduced by Senator Pat Toomey (R-PA). TAX AND SPENDING POLICY Build Back Better Act (BBB): Opposed new variations of BBB that raise taxes on small-to-mid size businesses and fuel inflationary pressures through government spending. Specifically, in Build Back Better: Expressed concern and opposition to: the various tax increases on SMBs including death and new wealth taxes, eliminating stepped-up basis, increasing the personal rates, and applying the Net Investment Income Tax to active owners of small businesses; the size of the spending package and its impact on inflation and fiscal condition of the federal government; price controls on drugs in the legislation; and regulatory initiatives that would raise costs for small employers in the workplace. Tax Cuts and Jobs Act (TCJA): Continue to express support for the permanency of various provisions of the TCJA including Section 199A, lower personal tax rates, expensing provisions and estate tax changes. Main Street Certainty Act, H.R. 1381/S. 480: Continue to support the advancement of this bill to make permanent the 20% small business deduction in the Tax Cuts and Jobs Act. Renewing Investment in American Workers and Supply Chains Act, H.R. 7229/S.4012: Support this legislation to allow accelerated depreciation for all structures. REGULATION AND COMPETITION POLICY Fair and Open Competition Act, S. 403/H.R. 1284: Support the legislation, which would prevent the Administration from using project labor agreement (PLAs) in federal procurement contracts. Project Labor Agreements (PLAs): Continue to express opposition to President Bidens Executive Order on the use of PLAs on federal procurement projects, including the bipartisan infrastructure package. Employee Rights Act, S.3889: Continue to support this bill introduced by Senator Tim Scott to protect the status of independent contractors. New Overtime Rules: Continue to express concern about changing overtime rules. Independent Contractor Rule: Continue to express general support for streamlining and modernizing the independent contractor rule, and oppose proposals that would make many independent workers inappropriately (and against their will and wishes) categorized at employees. Mergers and Acquisitions (M&A): Filed comments expressing concern to the Federal Trade Commission and Department of Justice about potential changes to the regulatory framework governing M&A review and how this would impact the innovation and startup ecosystem in the United States. Private Fund Advisers Rule: Submitted comments to the Securities and Exchange Commission that urged the agency to refrain from moving forward with a proposed rule, as the Commission did not cite any instance of market failure, and the fact that the new rule would curtail investment activity and disproportionately harm smaller, and women and minority-owned firms. The Franchise Rule: Expressed support for the current rule, as the Federal Trade Commission embarks upon a decennial review of the rule. President Biden Competition Executive Order: Continue to express concerns about the premise and actions behind the EO to regulate and micro-manage various sectors of the economy including technology, energy, bio-pharmaceuticals, telecommunications, railroads and other sectors that are dominated by small-to-mid-size businesses (SMBs). Targeted Tech Legislation and Anti-Trust: Continue to express concerns about the impact and unintended consequences of legislation, regulation and anti-trust re-writes at the Federal Trade Commission (FTC) aimed at big tech and how it would impact small business access to markets and capital, and the entrepreneurial and innovation ecosystem in general. American Innovation and Online Choice Act, S.2992: Oppose the legislation. Platform Competition and Opportunity Act, H.R. 3826/S.3197: Oppose the legislation. Energy and Gas Prices: Continue to express concern about restrictive energy policies with respect to developing energy in the U.S. and how such restrictions are contributing to higher energy prices. For example, expressed concern about the potential for higher taxes on this sector via a "windfall profits tax," restrictions and limitations placed on energy development on public lands, and red tape and lengthy reviews for permits and energy infrastructure projects. Electronic Payments: Continue to voice concern about new regulations on the payments system, specifically credit routing requirements and how they undermine payment-systems innovation that has provided small businesses a lifeline during the pandemic and payments options for small businesses and startups. Privacy Policy and Legislation: Support a national framework for privacy that is inclusive and equitable to all industries. Expressed areas where the "American Data Privacy and Protection Act" (H.R. 8152) could be improved for small businesses. Re-regulation of Railroads: Delivered our views to the House Transportation and Infrastructure Committee members about how rules promoting forced/switching - forced/access - and crew sizes will disrupt this sector and the healing of supply chains. AFFORDABLE AND COMPETITIVE HEALTH COVERAGE Affordability/More Choices: Continue to urge members of Congress and the Administration to advance market-oriented reforms that will lower health coverage costs for small businesses and increase choices in the marketplace like improved health savings accounts, support for transitional plans and local-direct health care. Oppose efforts, generally, to impose new mandates and taxes that will add to small business costs and reduce access to health care. Price Controls on Drugs: Continue to express opposition to efforts that place price controls on drugs either through Medicare negotiation, an international pricing mechanism, drug importation, and the misdirected effort to use march-in rights under the Bayh-Dole Act. Virtual Health Care and Telehealth: Urged Congress to reinstate virtual care access advanced during COVID-19 that enabled employers and health plans to provide pre-deductible coverage for telehealth services for individuals with HDHP-HSAs. ACCESS TO BROADBAND Extending America's Spectrum Leadership Act (H.R. 7783): SBE Council supports the legislation. NTIA Rules on the Infrastructure Package: Following our filing of comments before the National Telecommunications and Information Administration on the Broadband Equity, Access, and Development (BEAD) and Digital Equity Planning Grant programs in the infrastructure package, we continue to urge the adoption of simple, transparent rules and common-sense principles to ensure the effectiveness of these programs in delivering broadband to those lacking access, and to avoid waste and abuse of funds. INTELLECTUAL PROPERTY RIGHTS AND PROTECTIONS World Health Organization COVID IP Waiver: Continue to express opposition to the Biden Administrations support of a petition before the World Trade Organization that would waive vital intellectual property (IP) rights for COVID-19 vaccines and US innovators, which would essentially undercut American IP rights for U.S.-made innovations. Bayh-Dole Act: Continue to express support for the principals and rational behind Bayh-Dole (which strengthened IP rights) and against effort to undermine its effectiveness such as the misuse of march-in rights to take away IP protections. TRADE & GLOBAL MARKET ACCESS Trade Agreements: Continue to push for U.S. leadership on trade deals and opening global markets for U.S. businesses. Moratorium on Customs Duties and Electronic Transmissions: SBE Council supported the renewing of the moratorium before the World Trade Organization (WTO). NOMINATIONS Don Cravens as Undersecretary of the Minority Business Development Agency: Support the Nomination currently before the U.S. Senate. GOOD GOVERNMENT Improve the SBA Act (H.R. 7628): SBE Council supports the legislation.

Like Kind Exchanges Parity for Non-Traded REITs Act (H.R. 3123) Foreign Investment in Real Property Tax Act (FIRPTA) REIT Tax Modernization Energy Efficient Qualified Improvement Property (E-QIP)(H.R. 8930) Retail Revitalization Act (H.R. 840) International Tax Proposals Infrastructure Tax Proposals GREEN Act of 2021 (H.R. 848) Build Back Better Plan Clean Energy for America Act (S.2118) Renewable Energy Investment Act (H.R. 3180) Stock Buy Back Proposals (S. 2758) Renewing Investment in American Workers & Supply Chains Act (HR 7229, S. 4012) Monitor residential rental issues Monitor skilled nursing facility issues

Client expense: $953,000 · Firm income: Not reported

"Carried Interest Fairness Act" H.R. 1068 and carried interest reform, including changes in holding period Energy efficiency and clean energy tax incentives, including the E-QUIP Act (H.R. 2346) Like-Kind Exchanges (Sec. 1031) Completed contract method of accounting and condominium construction (Section 460(e) (H.R. 4061) FIRPTA reform and Parity for Non-Traded REITS Act (H.R. 3123) Net investment income tax and SECA liability Cost recovery, residential rental property and nonresidential property, including S.4012 and H.R. 7229 Low-income housing tax credit Contributions in Aid of Construction (Sec. 118) REIT rules, including investments in related parties (H.R. 840) Cancellation of Indebtedness income (section 108) Employee retention tax credit Capital gains tax rate State and local tax deduction 20% deduction for pass-through business income (section 199A) and tax rules on pass-through income, including Senator Wyden pass-through reform discussion draft Taxing appreciated capital gains at death Opportunity Zone reform, reporting, and deadline extensions; including S. 4065 and H.R. 7467 Estate tax valuation discounts and rules for grantor trusts Portfolio interest exemption and inbound real estate investment Electric vehicle charging infrastructure tax incentives Revitalizing Downtowns Act (S. 2511 and H.R. 4759) Passive Foreign Investment Company proposed tax regulations (REG-118250-20) Taxing unrealized gains annually - Administration's minimum tax proposal and Chairman Wyden proposal

Client expense: $1,039,338 · Firm income: Not reported

TAX AND SPENDING POLICY Build Back Better Act: Opposed the legislation, and variation of proposals that raise taxes on small-to-mid size businesses. Specifically, in Build Back Better: Expressed concern and opposition to the various tax increases on SMBs, the size of the spending package and its impact on inflation, price controls on drugs in the legislation, and regulatory initiatives that would raise costs for small employers in the workplace. Tax Cuts and Jobs Act (TCJA): Continue to express support for the permanency of various provisions of the TCJA including Section 199A, lower personal tax rates, expensing provisions and estate tax changes. Main Street Certainty Act, H.R. 1381/S. 480: Continue to support the advancement of this bill to make permanent the 20% small business deduction in the Tax Cuts and Jobs Act. Renewing Investment in American Workers and Supply Chains Act, H.R. 7229/S.4012: Support this legislation to allow accelerated depreciation for all structures. Stepped-up Basis: Continue to oppose efforts to eliminate stepped-up basis, as included within the Sensible Taxation and Equity Promotion (STEP) Act in the Senate and House, H.R. 2286. REGULATION AND COMPETITION POLICY Fair and Open Competition Act, S. 403/H.R. 1284: Support the legislation, which would prevent the Administration from using project labor agreement (PLAs) in federal procurement contracts. Project Labor Agreements (PLAs): Signaled opposition to President Bidens Executive Order on the use of PLAs on federal procurement projects, including the bipartisan infrastructure package. Employee Rights Act, S.3889: Supported the bill introduced by Senator Tim Scott to protect the status of independent contractors. New Overtime Rules: Expressed concern about the consideration of changing overtime rules, and urged Department of Labor Secretary and his team to engage small businesses on this issue as they consider revising rules. DOLs Vax and Text Mandate: Expressed support for the Department of Labors (DOLs) Occupational Health and Safety Administration (OSHA) announcement about the withdrawal of the vaccine and testing emergency temporary standard for employers with 100 or more workers as an enforceable emergency temporary standard. President Biden Competition Executive Order: Continue to express concerns about the premise and actions behind the EO to regulate and micro-manage various sectors of the economy including technology, energy, bio-pharmaceuticals, telecommunications, railroads and other sectors that are dominated by small-to-mid-size businesses (SMBs). Targeted Tech Legislation and Anti-Trust: Continue to express concerns about the impact and unintended consequences of legislation, regulation and anti-trust efforts at the Federal Trade Commission (FTC) aimed at big tech and how it may impact small business access to markets and capital, and the entrepreneurial and innovation ecosystem in general. American Innovation and Online Choice Act, S.2992: Oppose the Senate legislation. Platform Competition and Opportunity Act, H.R. 3826/S.3197: Oppose the Senate legislation. 5G in the C-Band: Expressed concerns about the delay of the rollout of 5G using the c-band, and encouraged federal agencies to communicate and resolve the issue. Energy and Gas Prices: Expressed general concern that policies restricting development at home are contributing to higher energy prices. Electronic Payments: Voiced concern about new regulations on the payments system, specifically credit routing requirements and how they undermine payment-systems innovation that has provided small businesses a lifeline during the pandemic. Privacy Policy and Legislation: Support a national framework for privacy that is inclusive and equitable to all industries. Forced Arbitration Injustice Repeal (FAIR) Act, H.R. 963: Opposed this legislation that would which would effectively ban arbitration provisions in private contracts. Reciprocal Switching: Filed comments before the Surface Transportation Board against the consideration of a rule promoting forced/switching - forced/access. ITC Reform: Expressed support for reforming practices at the International Trade Commission (ITC) such as those embedded within the Advancing Americas Interests Act, which would help stop the abuse of the system by patent trolls. AFFORDABLE AND COMPETITIVE HEALTH COVERAGE Affordability/More Choices: Continue to urge members of Congress and the Administration to advance market-oriented reforms that will lower health coverage costs for small businesses and increase choices in the marketplace. Oppose efforts, generally, to impose new mandates and taxes that will add to small business costs and reduce access to health care. Price Controls on Drugs: Continue to express opposition to efforts that place price controls on drugs either through Medicare negotiation, an international pricing mechanism, drug importation, and the misdirected effort to use march-in rights under the Bayh-Dole Act. Virtual Health Care and Telehealth: Urged Congress to reinstate virtual care access advanced during COVID-19 that enabled employers and health plans to provide pre-deductible coverage for telehealth services for individuals with HDHP-HSAs. ACCESS TO BROADBAND NTIA Rules on the Infrastructure Package: Filed Comments before the National Telecommunications and Information Administration on the Broadband Equity, Access, and Development (BEAD) and Digital Equity Planning Grant programs in the infrastructure package and urged the adoption of simple, transparent rules and common-sense principles to ensure the effectiveness of these programs in delivering broadband to those lacking access, and to avoid waste and abuse of funds. INTELLECTUAL PROPERTY RIGHTS AND PROTECTIONS World Health Organization COVID IP Waiver: Continued to express opposition to the Biden Administrations support of a petition before the World Trade Organization that would waive vital intellectual property (IP) rights for COVID-19 vaccines and US innovators, which would essentially undercut the American IP rights. Bayh-Dole Act: Continue to express support for the principals and rational behind Bayh-Dole (which strengthened IP rights) and against effort to undermine its effectiveness such as the use of march-in rights to take away IP protections. NOMINATIONS DOL Wage and Hour Nominee: Continue to express opposition to and concern about the candidacy of David Weil as DOL Wage and Hour Administrator, and his Senate confirmation.

"Carried Interest Fairness Act" H.R. 1068 and carried interest reform, including changes in holding period Energy efficiency and clean energy tax incentives, including the E-QUIP Act (H.R. 2346) Like-Kind Exchanges (Sec. 1031) Completed contract method of accounting and condominium construction (Section 460(e) (H.R. 4061) FIRPTA reform and Parity for Non-Traded REITS Act (H.R. 3123) Net investment income tax and SECA liability Cost recovery, residential rental property and nonresidential property, including S.4012 and H.R. 7229 Low-income housing tax credit Contributions in Aid of Construction (Sec. 118) REIT rules, including investments in related parties (H.R. 840) Cancellation of Indebtedness income (section 108) Employee retention tax credit Capital gains tax rate State and local tax deduction 20% deduction for pass-through business income (section 199A) and tax rules on pass-through income Taxing appreciated capital gains at death Opportunity Zone reform, reporting, and deadline extensions; including S. 4065 and H.R. 7467 Estate tax valuation discounts and rules for grantor trusts Portfolio interest exemption and inbound real estate investment Electric vehicle charging infrastructure tax incentives Revitalizing Downtowns Act (S. 2511 and H.R. 4759) Passive Foreign Investment Company tax regulations Taxing unrealized gains annually - Administration's minimum tax proposal and Chairman Wyden proposal

Client expense: $1,126,000 · Firm income: Not reported