U.S. Representative Harriet Hageman recently captivated attendees at the Greater Cheyenne Chamber of Commerce’s monthly luncheon, shedding light on the profound implications of federal legislation for Wyoming’s vibrant business landscape. Her address primarily centered on the anticipated effects of the comprehensive One Big Beautiful Bill Act, a piece of federal legislation poised to reshape various facets of the state’s economy.
A significant portion of Representative Hageman’s discussion delved into the intricacies of tax policy and its potential to stimulate economic growth. She highlighted specific provisions from the 2017 Tax Cuts and Jobs Act, emphasizing the importance of deductions for domestic research and development tax credits. These credits are crucial for companies engaged in innovation, fostering the creation of new products and the enhancement of existing ones, directly impacting Wyoming business.
Further elaborating on the economic impact, Hageman detailed an expanded business interest limitation, a measure designed to particularly benefit small businesses. This includes a permanent 20% qualified business income interest deduction for passive income, providing substantial relief. Additionally, the act supports agricultural lenders on rural and agricultural loans, allowing a significant exclusion of 25% of interest income on new loans in these critical sectors, boosting the agricultural economy.
On the topic of Social Security benefits, Representative Hageman reassured the public, stating that a vast majority—88%—of all seniors receiving these benefits would pay no tax on them. She firmly dispelled rumors of cuts, clarifying that reconciliation rules prevent such actions. Furthermore, she highlighted that the act provides enhanced tax benefits for most seniors, a key aspect of national policy often misunderstood.
The discussion also extended to international trade, with Hageman referencing a recent US-European Union deal. This agreement establishes a 15% tariff on most EU goods, including automobiles and pharmaceuticals. Of particular interest to Wyoming, the deal mandates the EU to purchase an astounding $750 billion worth of American energy, signifying a major trade agreement and its potential for economic growth in energy-rich states.
Her recent diplomatic journey to eastern Asia further underscored the global dimensions of economic policy. Representative Hageman recounted discussions with government officials in Taiwan and South Korea, who expressed a strong desire to strengthen trade relationships with the United States, indicating growing international trade opportunities for American businesses.
Addressing energy policy, Hageman noted that the One Big Beautiful Bill Act notably repeals the onshore oil and gas royalty rates of 16.67% imposed by the Inflation Reduction Act. This legislative change restores the pre-IRA royalty rates of 12.5%, a move expected to have a tangible economic impact on the fossil fuel industry within Wyoming, directly influencing energy production costs.
Dale Steenbergen, President and CEO of the Greater Cheyenne Chamber of Commerce, offered a heartfelt commendation to Representative Hageman prior to her speech. He acknowledged her tireless efforts in advocating for increased tax cuts, emphasizing that their absence would have been a “big killer for business.” Steenbergen lauded Hageman’s staff for their continuous engagement with chambers across Wyoming, tackling diverse issues from land management to healthcare, underscoring a collaborative approach to state-wide economic development and federal policy.
