Blogs

President-elect Donald Trump recently stated on November 25, 2024, his intention to impose tariffs of 25% on all goods coming from Mexico and Canada on his first day in office unless those countries do more to stop the flow of migrants and the opioid fentanyl into the United States. Among other commodities, significant amounts of lumber and steel critical to the construction industry come from Canada. Cement and gypsum for drywall are also imported from Mexico and Canada in significant quantities. 

This past Friday, employers scored a victory when a Texas federal judge struck down the Department of Labor’s (DOL) rule which increased the salary levels for the Fair Labor Standards Act’s (FLSA) executive, administrative, professional, and highly compensated employee overtime exemptions. The court’s ruling vacated the DOL’s entire rule and blocks its application nationwide.

Shutts & Bowen would like to inform you that earlier this week the U.S. Financial Crimes Enforcement Network (“FinCEN”) announced a temporary postponement of the Beneficial Ownership Information (BOI) reporting deadlines for companies impacted by recent hurricanes and other major storms. This extension aims to alleviate the burden on businesses and individuals grappling with recovery efforts.

The U.S. Department of Transportation’s Build America Bureau recently announced its first Transportation Infrastructure Financing and Innovation Act (“TIFIA”) loan for transit-oriented development projects.  Such loans support transportation development with a variety of financing structures, including public-private partnerships and private activity bonds.