NewzIntel.com

Category: Taxation

  • MIL-OSI: Bitget Opens Doors for Syrian Users Enabling Full-Service Suite of Products

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 12, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has now enabled onboarding of Syrian citizens on the platform. This comes following the recent suspension of OFAC sanctions. Syrian citizens and residents can now register on the platform, complete identity verification, and access the full suite of services—ranging from P2P and spot trading to futures and yield-generating products.

    This update holds particular significance for a country that has faced prolonged conflict, economic isolation, and limited access to reliable financial systems. In the absence of stable banking infrastructure, crypto has strong real-life use cases, as a tool for survival, growth, and connectivity to the broader world. The adoption of crypto in Syria shows a deeper truth about the role of crypto in places where traditional systems have failed or aren’t accessible either.

    With this, Syrian users now have access to all major Bitget features, including peer-to-peer (P2P) trading with local currency support, spot and futures markets, copy trading, and Bitget Earn products that enable passive income on crypto holdings. The mobile app and web platform also offer multi-language support and 24/7 security monitoring to ensure safe transactions. Educational content, trading tools, and customer assistance are readily available to guide new users at every step.

    Bitget’s decision to welcome Syrian users stems from a focused strategy to support real use cases in regions where crypto is vital. The inclusion of Syria signals intent to enable access where it is most urgently needed.

     “At Bitget, the priority is clear—reach those who need crypto the most. Our platform is built to serve individuals navigating unstable economies, restricted banking, or political uncertainty. Extending access to Syrian users is part of a larger effort to deliver impactful financial tools where they make the greatest difference,” said Gracy Chen, CEO at Bitget.

    Bitget remains focused on expanding access in regions where crypto plays a critical role in everyday life. For Syrian users, Bitget will play an important role in actively maintaining safe, efficient, and user-friendly channels for participation in crypto. Resources will be allocated to support regional engagement, improve accessibility, and ensure users in Syria are equipped to navigate the cryptospace with industry-leading products and best-in-class tools.

    Effective immediately, Syrian users can now begin their journey with full platform functionality.

    To sign up, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16978e0d-1c0f-49bc-83eb-007e71f08762

    The MIL Network –

  • MIL-OSI: Aemetis CEO Meets with White House, Congress, and Agencies Regarding Support for Domestic Energy and Rural Communities in Budget Bill

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., June 12, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company, announced today that its Chairman and CEO, Eric McAfee, has held meetings regarding support for domestic energy and rural communities in the federal tax bill with members of the Senate and House of Representatives, and with officials at the U.S. Department of Agriculture, Department of Energy, Treasury Department, and the White House National Economic Council. The meetings included a one hour presentation on transferable tax credits and the benefits of Section 45Z production tax credits to the Chief of Staff and biofuels policy staff of the Congressional Joint Committee on Taxation.

    “The One Big Beautiful Bill Act is a generational opportunity to support domestic energy and rural communities through Section 45Z production tax credits for biofuels and biogas,” Mr. McAfee stated. “This year, we have travelled to Washington D.C. more than ten times to meet with the White House, Senate and House, as well as to present to agencies related to biofuels and biogas to communicate the important role of 45Z in the expansion of American energy and the importance of funding to farmers and rural communities through higher value crops.”

    The 45Z production tax credit (PTC) was established in 2022 and went into effect in January 2025. If enacted, the federal tax and spending bill version passed by the House would modify the Section 45Z PTC to extend the credit availability by four years from 2027 to 2031, require the use of domestic feedstocks, and eliminate the indirect land use penalty for ethanol and other biofuels.

    The value of the Section 45Z production tax credits earned by Aemetis is directly correlated with the quantity of biofuels and biogas produced. From 12 dairies currently operating, Aemetis Biogas is rapidly scaling up the construction of dairy digesters to produce renewable natural gas (RNG) using feedstock from 50 dairies that have already entered agreements with Aemetis Biogas. This summer, 16 dairies are scheduled to be operating in the Aemetis Biogas Central Digester Project near Modesto, California, with 36 miles of biogas pipeline and a central biogas-to-RNG production facility already in operation delivering RNG into the PG&E utility gas pipeline.

    Aemetis renewable energy and energy efficiency projects include the expansion of dairy renewable natural gas production to generate more than 1 million MMBtu per year of renewable natural gas; the Keyes ethanol plant mechanical vapor recompression system that is expected to generate $32 million of increased annual cash flow starting in 2026; the Riverbank carbon sequestration project to inject 1.4 million tons per year of CO2 per year underground; and the 78 million gallon per year sustainable aviation fuel and renewable diesel plant that has already received Authority To Construct air permits and other key approvals.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California that will use renewable hydrogen and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results in 2025 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biogas, SAF and renewable diesel, and carbon sequestration facilities; our ability to promote, develop, finance, and construct facilities to produce biogas, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    The MIL Network –

  • MIL-OSI: KraneShares Expands Single-Stock Levered ETF Suite With 2X Investment Exposure to Mercado Libre (KMLI)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 12, 2025 (GLOBE NEWSWIRE) — Krane Funds Advisors (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs), today announced the expansion of its Single-Stock Levered ETF Suite with the KraneShares 2X Long MELI Daily ETF (Ticker: KMLI), which listed today.

    KMLI seeks daily investment results, before expenses and fees, of 2 times (200%) the daily percentage change of Mercado Libre, a key player in the digitalization of commerce in the developing world.

    Mercado Libre is Latin America’s most popular E-Commerce platform, beating out Amazon in the region in terms of users.1 Mercado Libre helps power the digital transformation in 18 developing and middle-income countries through frictionless commerce and financial inclusion.2

    “Global consumer internet companies continue to represent an important growth theme, as internet adoption increases, especially in the developing world,” said James Maund, KraneShares Head of Capital Markets. “We are excited to expand our Single-Stock Levered ETF Suite with KMLI, whose underlying exposure, Mercado Libre, is a cornerstone of the digital transformation in Latin America. We hope to continue to expand the Suite to help our investors capitalize on the latest growth trends within international internet and technology markets.”

    The global middle class already accounts for two-thirds of global spending,3 and an increasing portion of that spending is occurring online. Mercado Libre is an innovative player facilitating this transition and stands to benefit substantially from increasing E-Commerce penetration rates in global markets.

    For more information on the KraneShares Single Stock Levered ETFs, please visit https://kraneshares.com/kmli or consult your financial advisor.

    Investors should be aware that they can lose their entire investment. Single-stock ETFs, unlike traditional ETFs that diversify across a range of stocks, focus solely on the performance of a single stock, significantly increasing investment risk. KraneShares Single Stock Levered ETFs aim for daily investment results that match 2x the daily performance of the underlying stock. Investors should be aware that returns may diverge from the stock’s actual performance if held for more than a day.

    Due to their leveraged nature, these funds require close monitoring, as they can magnify both potential gains and losses. A flat performance of the underlying stock may lead to a loss, and in certain scenarios, these funds can incur losses even when the stock price fluctuates positively or negatively over several days. Therefore, they are not suitable for every investor and are specifically intended for knowledgeable individuals who grasp the mechanics of leveraged investing and are willing to actively manage risks. Understanding volatility is essential, as minor stock movements and increased volatility can result in returns that significantly deviate from the expected target.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Alternatives. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Citations:

    1. Westberg Peter. “Mercado Libre: The Digital Backbone of Latin America,” Quartr. January 3, 2025.
    2. Company Reports as of 12/31/2025.
    3. Data from Brookings Institution as of 12/31/2021.

    Important Notes:

    Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kmli. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    The Fund may invest in derivatives, which are often more volatile than other investments and may magnify Fund’s gains or losses. Derivatives (i.e., futures/forward contracts, swaps, and options) are contracts that derive their value from the performance of underlying assets. The primary risk of derivatives is that changes in the assets’ market values and the derivatives may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risks. The Fund is subject to liquidity risks, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If transactions for these securities are large, it may not be possible to initiate them, which may cause the Fund to suffer losses. Counterparty risks are the risks of loss in the event that the counterparties to an agreement fail to make required payments or otherwise comply with the terms of the derivatives.

    The Underlying Stocks are exposed to numerous risks that can impact their revenues and viability, such as price volatility, management, inflation, global economic conditions, and natural disasters. Their performances may be influenced by trends in commerce, cloud computing, international trade policies, and regulatory changes. The Fund’s daily returns rely on the Underlying Stocks’ performances and volatility. Issuer-specific factors may increase Fund investment volatility compared to the overall market. Mercado Libre faces risks from competition in E-Commerce, economic uncertainties, demand declines, revenue concentration, geopolitical events, intellectual property issues, exchange rates, reliance on third-party manufacturing, shortages, cybersecurity threats, system failures, rising costs, government regulations, compliance expenses, litigation, taxes, debt, and talent retention.

    The Fund aims for daily investment results of 200% of the daily percentage changes of the Underlying Stock. Their performances over longer periods will likely differ from the Underlying Stock due to compounded returns, which significantly affect leveraged funds. If the Underlying Stock perform poorly, the dollar losses for shareholders will be smaller if their investments have already decreased. Conversely, if the stocks perform well, future losses will be larger as the investment values have increased. Compounding effects become more pronounced with higher volatility and longer holding periods, impacting shareholders differently based on their investment durations and the stocks’ volatility. Various factors can impact the Fund’s correlations with Underlying Stocks, and achieving high correlations is not guaranteed. If the Fund fails to achieve correlation, they may not meet their investment objectives, with NAV changes varying significantly from 200% of the Underlying Stocks’ changes. To maintain correlations, the Fund’s attempt daily rebalancing for consistent exposures. Major deviations can increase leverage risks. Market disruptions and volatility can hinder the Fund’s ability to adjust. Target exposures fluctuate, making perfect 200% exposures unlikely, especially on volatile days. Other elements, like fees and market conditions, can also affect correlations. The Fund may change positions for tax efficiency, which could harm correlations. Large asset movements or trading discrepancies may lead to under- or overexposures, reducing the Fund’s ability to meet their daily objectives. The Fund uses leverage to gain investment exposure beyond their net assets, leading to potentially greater losses in adverse conditions than non-leveraged funds. A decline in the Underlying Stocks’ daily performance can magnify losses, decreasing the Fund’s value by 2% for each 1% drop, excluding costs. Losses could exceed net assets if the Underlying Stock falls over 50%. Due to limited investments, the Fund may need to limit or suspend the creation or redemption of Creation Units. During these times, shares might trade at significant premiums or discounts to their net asset values. If creations are halted, large redemptions could force the Fund to sell securities at unfavorable prices, increasing costs and taxable distributions to shareholders. The Underlying Stock is listed on an exchange, but an active trading market isn’t guaranteed, and trading can be halted. A halt in the Underlying Stock usually leads to a halt in the Fund’s shares. Trading may stop due to market conditions or exchange decisions, and halts can occur from extraordinary volatility under circuit breaker rules. Extended trading halts may hinder the Fund’s ability to arrange necessary swaps for its investment strategy.

    Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a single stock. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KMLI is non-diversified.

    The Latin American economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Fund. Regulatory standards in these markets are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Fund and leading to unexpected liabilities for foreign investors. The economies of certain Latin American countries have experienced high interest rates, economic volatility, inflation, and high unemployment rates. Fluctuations in the currencies of foreign countries may have an adverse effect on domestic currency values. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Fund, or any sub-advisers for the Fund.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

  • MIL-OSI: FBI Special Agent Chris Wong Joins TRM Labs

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, June 12, 2025 (GLOBE NEWSWIRE) — Christopher Wong, one of the Federal Bureau of Investigation (FBI)’s foremost experts on cryptocurrency investigations, has joined TRM Labs.

    Wong served with the FBI for ten years, most recently as a Supervisory Special Agent in the Bureau’s Virtual Assets Unit. In that role, he led and supported some of the most complex cryptocurrency-related investigations in US law enforcement, including multi-year efforts to disrupt North Korea’s use of digital assets to finance its weapons programs.

    Wong, in partnership with now-TRM colleague Chris Janczewski — then a special agent with IRS-Criminal Investigation — led the FBI’s investigation into the 2016 Bitfinex hack, resulting in the recovery of approximately USD 3.6 billion in cryptocurrency, the largest seizure in US history. He also played a critical role in the US government’s response to the USD 600 million Axie Infinity Ronin Bridge hack, attributed to North Korea’s Lazarus Group. That incident became a watershed moment in US national security policy on crypto threats, driving a coordinated interagency response and leading to the first-ever sanctions on cryptocurrency mixing services.

    Most recently, Wong supported the Department of Justice’s civil forfeiture action involving over USD 7.7 million in cryptocurrency linked to a North Korean IT worker laundering network. That investigation uncovered a sophisticated global scheme in which DPRK operatives used false identities to gain employment in the tech sector and funnel illicit earnings back to Pyongyang.

    In addition to his investigative work, Wong has trained law enforcement, prosecutors, and judges in dozens of countries, helping to build international capacity to respond to crypto-enabled crime.

    “I’m incredibly proud of the mission I served at the FBI — supporting agents, partners, and prosecutors as we tackled some of the most impactful crypto investigations in the world,” said Wong. “At TRM, I have the opportunity to continue that mission — this time by helping amplify the work law enforcement is doing globally to disrupt illicit finance and protect victims.”

    “Chris is one of the most respected agents in the space,” said Esteban Castaño, co-founder and CEO of TRM Labs. “He combines elite investigative skill with a deep sense of purpose, and his work has shaped how governments respond to nation-state cyber threats and financial crime. We’re honored to welcome him to TRM as we expand our support for public sector partners and the broader mission of safeguarding the financial system.”

    Wong joins a growing team of former law enforcement and national security officials at TRM Labs working to detect, investigate, and prevent illicit activity involving digital assets.

    About TRM Labs

    TRM Labs provides blockchain analytics solutions to help law enforcement and national security agencies, financial institutions, and cryptocurrency businesses detect, investigate, and disrupt crypto-related fraud and financial crime. TRM’s blockchain intelligence platform includes solutions to trace the source and destination of funds, identify illicit activity, build cases, and construct an operating picture of threats. TRM is trusted by leading agencies and businesses worldwide who rely on TRM to enable a safer, more secure crypto ecosystem. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.

    Contact: press@trmlabs.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by FS at Reception in Celebration of 127th Anniversary of Proclamation of Philippine Independence (English only)

    Source: Hong Kong Government special administrative region

    Speech by FS at Reception in Celebration of 127th Anniversary of Proclamation of Philippine Independence (English only) 
         Good evening. It is a great pleasure to join you tonight in celebrating the 127th anniversary of the Republic of the Philippines’ proclamation of independence.  
     
         Let me take this opportunity to extend a formal and warm welcome to Consul General Israel, who assumed his new post in Hong Kong this April. With your extensive diplomatic career in the Philippines and abroad, I am confident that your experience and insight will further help strengthen the close ties between Hong Kong and the Philippines.  
         Tourism is a shining example. Last year, we welcomed nearly 1.2 million visitors from the Philippines, a remarkable increase of over 55 per cent compared to 2023. This positive momentum has continued, with over 550 000 Filipino visitors arriving in the first five months of this year, representing a 27 per cent year-on-year growth.   
     
         Our trade relationship remains robust. Hong Kong plays a vital role as a gateway for China’s exports to the Philippines. Hong Kong is the Philippines’ fifth largest trading partner. Last year, our value of merchandise trade grew to HK$108 billion. Hong Kong handled around 13 per cent of the total merchandise trade between China and the Philippines.
     
         Besides, I am pleased to note that we have started negotiations on a Comprehensive Avoidance of Double Taxation Agreement. I trust such an agreement will further simulate our bilateral trade and investments. 
     
         All these encouraging developments point to a future of even closer business ties and new opportunities for collaboration. 
     
         The Philippines stands out as one of the fastest-growing economies in ASEAN (Association of Southeast Asian Nations). I am pleased to learn that your Government is making proactive efforts to implement pro-business reforms to simplify company formation process, lower entry barriers and attract foreign businesses. These measures will facilitate trade and investments with your economic and trade partners. Meanwhile, more infrastructure flagship projects will bolster the economy, improve connectivity and make your country more attractive to businesses from abroad. 
     
         In an era marked by rising protectionism and increasing geopolitical uncertainty, globalisation is facing backlashes. Countries are seeking to diversify their export markets and development drivers. In this context, enhancing intra-regional trade and collaboration will be key to achieving sustainable growth. In this connection, we greatly appreciate the Philippines’ continued support for our accession to the Regional Comprehensive Economic Partnership (RCEP).
     
         Under the “one country, two systems” arrangement, Hong Kong is a “super connector” and “super value-adder” between the Chinese Mainland and the rest of the world. We steadfastly uphold our free port status, with the free movement of goods, capital, information and talent. Our world-class transport and logistics infrastructure provides a perfect springboard for your country’s products and services to reach the Mainland, across North Asia, and beyond.
     
         Now, given the policy uncertainties in the US and shifting global investment landscape, Hong Kong has emerged as a safe harbour for international capital. This is reflected by capital inflows and investors’ optimism. Our stock market has performed exceptionally well, rising by 20 per cent so far this year, on top of the 18 per cent increase last year. It is one of the top-performing markets globally.
     
         With deep liquidity and a comprehensive suite of funding options, Hong Kong offers an ideal platform for Filipino enterprises to raise funds to support their business development. They can consider listing on our Stock Exchange, or connecting with angel investors, venture capital and private equity for collaboration. 
     
         For sure, Hong Kong has more to offer. You will find Hong Kong an ideal location to raise funds for quality infrastructure and green transition projects. Beyond traditional means, such as bond issuance, there are innovative financing models such as infrastructure loan securitisation, or catastrophe bonds, which are designed to share natural disaster risks with investors. Hong Kong has already issued seven catastrophe bonds, covering events from earthquakes to storms across Asia and the Americas. 
     
         In short, the potential for deeper co-operation between our two economies is vast and far-reaching.
     
         Before I conclude, I would like to express my heartfelt appreciation to the more than 220 000 Filipino nationals in Hong Kong. They are an integral part of our community and have made invaluable contributions to the economic and social fabric of this city.  
     
         On behalf of the Hong Kong SAR Government, I extend my warmest congratulations to the people of the Philippines on your Independence Day. May the friendship between Hong Kong and the Philippines continue to flourish and prosper for years to come.  
     
         I wish you all a most enjoyable evening. Thank you very much.
    Issued at HKT 19:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI NGOs: Citizen Groups Urge 16th Finance Commission to Prioritize Climate Adaptation

    Source: Greenpeace Statement –

    New Delhi, February 18, 2025:  In response to the sixteenth Finance Commission, headed by Arvind Panagariya, inviting public suggestions on its mandate set for it by the Central Government, a coalition of 12 citizen groups, led by Greenpeace India, has urged the commission to prioritize climate adaptation in India’s financial policies, focusing on climate impacted communities. The commission, constituted in December of last year, is expected to submit its recommendations by October 2025, which will be valid for five years starting April 1, 2026.  These recommendations from the coalition, agreed upon through multiple stakeholder consultations, represent a comprehensive civil society input at this crucial time. 

    The groups sounded an urgent alarm about the escalating climate crisis, revealing that extreme weather events claimed 3,238 lives in the first nine months of 2024 alone—an alarming 18% increase compared to 2022. Data from previous years (2015–2022) also highlights a consistent rise in climate-related human and economic losses, reinforcing the urgent need for climate adaptation. Heat-related productivity losses alone could slash India’s GDP by up to 4.5% by 2030, while inadequate adaptation measures over the years have compounded economic vulnerability.

    Beyond the direct loss of lives and economic damage, the crisis has also led to missed opportunities for climate-sensitive communities. Many who depend on agriculture, fisheries, and informal labor could have experienced greater economic security and resilience if proactive adaptation investments had been made earlier. The lack of preparedness has not only intensified the immediate impact of extreme weather events but has also limited the long-term livelihood potential of millions, highlighting the need for urgent, forward-looking climate action. 

    Ahead of the union budget, India’s Economic Survey(IES) for 2024-25 points out a growing problem: we’re not spending enough to adapt to climate change.  Although spending on adaptation has increased from 3.7% of our GDP in the 2015-16 financial year to 5.6% in 2021-22, it’s still not enough.  India is the seventh most vulnerable country to the effects of climate change, this poses a significant risk.The survey emphasized that effective adaptation strategies require a multi-faceted approach, including policy initiatives, sector-specific strategies, resilient infrastructure, research and development, and securing financial resources. These measures should also be tailored to India’s diverse geographic and agro-climatic conditions.

    “Despite the IES recommendation, the 2025 Budget doesn’t include specific funding for adaptation.  While we appreciate the focus on reducing emissions (mitigation),the urgency of need for climate adaptation cannot be ignored.  This lack of budgetary support for adaptation puts climate impacted communities at a much higher risk, threatening lives, livelihoods, and the economy”, says Selomi Garnaik, Climate Justice Campaigner, Greenpeace India, who led the stakeholder consultations.

    Key Recommendations:

    The coalition’s demands include

    1. The 16th Finance Commission must urge the National Disaster Management Authority (NDMA) to officially recognize heatwaves as a national disaster.
    2. Establish a Dedicated Climate Adaptation and Resilience Fund for Marginalized and Vulnerable Communities:
    3. Devolve funds to state governments for managing extreme weather events, with allocations based on updated epistemological evidence such as the Climate Vulnerability Mapping Atlas. 
    4. Recommend the Center to create provision for Climate Damage Tax (CDT),in order to hold the big polluters accountable. 
    5. India should adopt a national framework aligned with loss and damage principle and provide Adequate compensation for losses and damages due to climate change should be provided to impacted states, with special focus on marginalized and impacted communities.

    A Call for Climate Justice

    The coalition emphasized that these recommendations are not just policy changes but steps toward achieving climate justice for the most vulnerable populations. They urged the Finance Commission to take immediate action to build a sustainable and equitable future.

    The recommendations letter  is prepared by diverse coalition of 12 citizen groups, led by Greenpeace including Poovulagin Nanbargal, RIGHTS, Basti Suraksha Manch, VAN Gujjar Tribal Yuva Sangathan Uttarakhand, Justice in Mining Network, Mukti, Youth For Climate India, Heatwave Action Coalition India, Janpahal, HeatWatch, People for Himalayan Development, and Telangana Gig and Platform Workers Union. Together, they represent a wide range of stakeholders committed to advancing climate resilience and justice.

    For more information please free to reach out to

    MIL OSI NGO –

  • MIL-OSI Video: UK Collecting the right tax from wealthy individuals – Public Accounts Committee

    Source: United Kingdom UK Parliament (video statements)

    How can HMRC ensure wealthy individuals pay their taxes?

    The population of wealthy individuals that HMRC administers has grown from 700,000 in 2019-20 to 850,000 in 2023-24. HMRC defines wealthy individuals as those earning more than £200,000 a year, or with assets over £2 million, in any of the last three years. The National Audit Office (NAO) found in May 2025 that additional revenue secured by HMRC from wealthy individuals has more than doubled – from £2.2bn (2019-20) to £5.2bn (2023-24).

    The scale of this rise raises questions about whether non-compliance amongst wealthy individuals may not be far higher than HMRC has detected. Wealthy taxpayers have also faced fewer penalties in recent years – down to 456 penalties totalling £5.8m in 2023-24, from 2,153 totalling £16.2m in 2018-19.  

    The PAC will hear from senior officials at HMRC as part of its inquiry, including John-Paul Marks CB, HMRC’s Permanent Secretary, in his first appearance before the Committee in his new role. Committee members are likely to explore whether enough is being done to bring in tax revenue from billionaires and the super-rich, as well as what impact changes to the regime for non-doms (non-domiciled residents)will have on its compliance work.

    Other likely topics include whether there is enough transparency about the amount of tax the wealthy pay. The PAC warned in 2017 that a lack of transparency would leave HMRC open to the perception that, in its dealings with taxpayers, there is one rule for the rich and another for everyone else. The session is also likely to see an exploration of HMRC’s understanding of the risks of non-compliance associated with wealthy individuals – HMRC has identified the net loss in tax revenue from key risks amongst this cohort increasing 21% between 2020-21 and 2022-23. 

    The session will also see questions around the recent disclosure to the Treasury Committee of a phishing attack costing the taxpayer approx.£497m and affecting approx.100,000 taxpayers. Members are likely to seek further details as to the nature of the attack, and why HMRC did not report it sooner.

    #UKPolitics #HouseOfCommons #Tax #Wealth #Treasury #HMRC

    https://www.youtube.com/watch?v=BV3c53eVD1k

    MIL OSI Video –

  • MIL-OSI USA: Bonamici Announces Town Hall Meetings in June

    Source: United States House of Representatives – Representative Suzanne Bonamici (1st District Oregon)

    WASHINGTON, DC [6/11/25] – Today Congresswoman Suzanne Bonamici (OR-01) announced the dates for two town hall meetings in the First Congressional District, which includes large portions of Washington and Multnomah counties and all of Clatsop, Tillamook, and Columbia counties.

    Bonamici will answer questions from constituents and provide an update about her work in Congress. The town hall meetings will be in Hillsboro and Seaside.

    “My work is informed by the many conversations I have with Oregonians,” said Congresswoman Suzanne Bonamici. “Everyone in NW Oregon is welcome to attend my town hall meetings this June. I look forward to talking about issues of concern and discussing what I am doing to represent them through my work at home in Oregon and in Washington, DC.” 

    Members of Bonamici’s staff will be at the town hall meetings to assist anyone who is experiencing problems with federal agencies including the VA, Social Security Administration,  and the IRS.

    Doors to the town hall meetings will open an hour before each event. Guests are asked not to bring large bags or backpacks.

    Washington County Town Hall Meeting

    Tuesday, June 17 – 6 p.m.
    Raymond Arthur Brown Middle School – Gymnasium 
    1505 SE Cornelius Pass Rd, Hillsboro, OR 97123

    Clatsop County Town Hall Meeting

    Friday, June 20 – 2 p.m.
    Seaside High School – Gymnasium
    2600 Spruce Dr Ste 200, Seaside, OR 97138

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Former CEO of Guam Helicopter Company Sentenced to 405 Months in Federal Prison for Criminal Aviation Violations

    Source: Office of United States Attorneys

    Hagåtña, Guam – SHAWN N. ANDERSON, United States Attorney for the Districts of Guam and the Northern Mariana Islands, announced that John D. Walker, age 60, was sentenced by Chief Judge Frances Tydingco-Gatewood in the District Court of Guam to 405 months imprisonment.  On September 9, 2022, a jury returned guilty verdicts against Walker and his company, Hansen Helicopters, Inc., on 110 counts involving conspiracy to defraud the Federal Aviation Administration (“FAA”) and National Transportation Safety Board (“NTSB”), aircraft parts fraud that caused serious bodily injury and death, employing a mechanic without a mechanic’s certificate, registration violations involving helicopters, conspiracy to commit wire fraud, wire fraud, and money laundering.  Walker was also ordered to pay a $250,000 fine, and a $9,900 special assessment fee.  Walker forfeited $58,407,513, which represented the proceeds of aircraft parts fraud and wire fraud, in addition to $11,770,000, which represented the amount of money involved in the money laundering offenses.

    Hansen Helicopters, Inc., was found guilty of conspiracy to defraud the FAA and NTSB, in addition to aircraft parts fraud that caused serious bodily injury and death.  Hansen received a five-year term of probation, a $4,900,000 fine, and a $2,000 special assessment fee.

    Walker subverted aviation laws and regulations, enforced by the FAA and NTSB, which protect public health and safety.  Walker used at least 48 shell companies, most incorporated internationally, to operate an illicit helicopter/pilot/mechanic leasing business in Guam. By concealing that his aircraft were unregistered or illegally registered, unairworthy, and maintained and operated by uncertificated airmen, Walker entered fraudulent lease agreements with numerous tuna boat companies.  He earned over $400 million dollars through his scheme. He concealed his crimes by forging documents, counterfeiting aircraft parts, and bribing aviation officials.

    “The defendants built helicopters from an assortment of discarded frames and counterfeit parts,” stated United States Attorney Anderson. “They blatantly disregarded aviation laws to build and operate aircraft that should never have left the ground.  Fishing companies throughout the Pacific region relied on these aircraft for spotting tuna.  Unfortunately, the defendants’ quest for money resulted in the deaths of many pilots.  This was a difficult case to investigate and prosecute, but well worth federal resources. I commend our law enforcement partners on bringing these defendants to justice.”

    “Unchecked greed and flagrant disregard for aviation safety create a recipe for disaster with catastrophic results,” said Special Agent in Charge Cory LeGars of the Department of Transportation Office of Inspector General, Western Region. “This sentencing epitomizes the criminal justice system’s commitment to holding individuals and companies accountable for egregious illicit conduct. I commend the relentless efforts of our special agents and the outstanding collaboration between our law enforcement, prosecutorial, and regulatory partners, whose collective efforts brought this complex and hazardous fraud scheme to justice.”

    “How many times have we heard, ’It’s just money…’ when it comes to financial crime?” asked Special Agent in Charge Adam Jobes, IRS Criminal Investigation (IRS-CI), Seattle Field Office. “This case shows that all too often, innocent people suffer catastrophic harm because of someone else’s greed. Financial crime is not victimless, and IRS-CI will continue to protect our communities from people like Mr. Walker who put their greed above all else.”

    “Over several years, Mr. Walker engaged in a multi-layered scheme to bribe public officials and defraud the government, significantly jeopardizing public safety in the process,” said FBI Honolulu Special Agent in Charge David Porter. “The FBI remains steadfast and persistent in our efforts to investigate these schemes and bring bad actors to justice.”

    This investigation was conducted by the U.S. Department of Transportation, Federal Aviation Administration, Internal Revenue Service Criminal Investigation, Federal Bureau of Investigation, and in partnership with the Customs and Quarantine Agency of Guam.

    Assistant United States Attorney Stephen F. Leon Guerrero, Special Assistant United States Attorney Marie L. Miller, and former Assistant U.S. Attorney Samantha R. Miller prosecuted this case.

    MIL Security OSI –

  • MIL-OSI Australia: Public country-by-country (CBC) reporting

    Source: New places to play in Gungahlin

    WARNING!

    Public CBC reporting and country-by-country (CBC) reporting are different measures. For information about CBC reporting, go to Country-by-country reporting

    What is Public CBC reporting

    Public country-by-country (CBC) reporting is a regime (the regime) that requires certain large multinational enterprises to publish selected tax information to the public. This information must be reported either on a CBC basis or on an aggregated basis. Under the regime, the parent entity generally has the reporting obligation, rather than the Australian subsidiary (Public CBC reporting parent).

    The regime applies for reporting periods starting from 1 July 2024. For a Public CBC reporting parent with a reporting period end of 30 June, this will be from 1 July 2024. Reports are due within 12 months of the end of the reporting period.

    If a Public CBC reporting parent has a reporting period that does not end on 30 June, the regime will first apply from the start of the relevant period that occurs after 1 July 2024. For example, if a Public CBC reporting parent’s reporting period is from 1 April to 31 March, the regime will first apply for its reporting period starting 1 April 2025, with the first report due before 31 March 2027.

    The Public CBC reporting parent publishes their Public CBC report by providing selected tax information to the ATO in the approved form. We then facilitate the publication of the information on an Australian Government website.

    Public CBC reporting provides information to the public and enables better assessment of whether an entity’s economic presence in a jurisdiction aligns with the amount of tax they pay in that jurisdiction.

    Public CBC reporting requires disclosures about:

    • the revenues, profits and income taxes of the global group
    • the activities of the global group
    • an entity’s international related party dealings.

    Note: Public CBC reporting and country-by-country (CbC) reporting are different measures. For information about CBC reporting, go to Country-by-country reporting.

    Who is required to report

    An entity must report for a reporting period if all of the following apply:

    • it is a CBC reporting parent for the preceding period
    • it is an entity of the type specified
    • it satisfies the requirements for that reporting period.

    An entity is of the specified type if it is any one of the following:

    • constitutional corporation
    • trust, provided each of the trustees is a constitutional corporation
    • partnership, provided each of the partners is a constitutional corporation.

    ‘Constitutional corporation’ means a foreign corporation (one not formed within Australia), or a trading or financial corporation formed within the limits of the Commonwealth.

    An entity satisfies the requirements for a reporting period if all of the following apply:

    • it was a CBC reporting parent for a period that includes the whole or a part of the preceding reporting period
    • it was a member of a CBC reporting group at any time during the reporting period
    • at any point during the reporting period, it, or a member of its CBC reporting group, was an Australian resident or a foreign resident operating an Australian permanent establishment
    • $10 million or more of its aggregated turnover for the reporting period was Australian-sourced
    • it was not an exempt entity or included in a class of exempt entities.

    An entity is a CBC reporting parent for a reporting period if all of the following apply:

    • it is not an individual
    • if it is a member of a CBC reporting group at the end of the period; it is not controlled by any other member of the CBC reporting group at the end of the period
    • its annual global income for the period is $1 billion or more.

    Registration by Public CBC reporting parents

    Registration by Public CBC reporting parents allows for more efficient processing and helps to simplify the process of:

    • giving the Public CBC report to the ATO
    • requesting an extension of time to provide the Public CBC report
    • requesting an exemption from reporting obligations for a reporting period.

    The registration process doesn’t differentiate between resident and non-resident Public CBC reporting parents. A non-resident Public CBC reporting parent without an ATO reference number (ARN) will be automatically issued with an ARN as part of this registration process.

    Registration is also beneficial as it enables a Public CBC reporting parent entity to provide authorisation for representatives to act on its behalf. This includes having representatives satisfy its obligations, such as lodging the Public CBC report or applying for a Public CBC reporting exemption. Representatives can include:

    • designated officers or employees of the CBC reporting parent
    • an authorised representative of the Australian subsidiary
    • an adviser
    • other nominated person.

    The Public CBC registration form is in a fillable portable document format (PDF), and lodgment is via email. Upon lodgment, we will send an email acknowledging receipt.

    To get the form, see Public country-by-country (CBC) registration form (NAT 75645). You can also read the Instructions to complete Public country-by-country registration.

    Public CBC reporting obligations

    The reporting obligation is on the Public CBC reporting parent (whether located overseas or in Australia) to report selected tax information to us.

    An Australian subsidiary of a foreign entity generally does not have any reporting obligation of its own for a reporting period. An exception to that general principle is if a foreign entity does not include the Australian subsidiary in its group’s consolidated accounts, and the Australia subsidiary qualifies as a Public CBC parent entity in its own right.

    The Public CBC reporting parent entity must give the Public CBC report electronically in the approved form to the ATO within 12 months after the end of the relevant reporting period.

    An update to correct any material errors must be given to us within 28 days of the Public CBC reporting parent identifying or otherwise becoming aware of that error.

    Penalties apply for non-compliance.

    What is jurisdictional reporting

    For Australia and specified jurisdictions determined by the Minister, particular information must be published on a CBC basis.

    For operations in other jurisdictions, the Public CBC reporting parent has the choice to publish information on either a CBC basis or an aggregated basis.

    Specified jurisdictions list

    The Minister’s determination of jurisdictions for Public CBC reporting is provided by legislative instrument. The specified jurisdictions are outlined in the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024External Link.

    Specified jurisdictions

    Specified jurisdictions that have a comprehensive international tax agreement with Australia:

    • Singapore
    • Switzerland.

    Other specified jurisdictions

    Other specified jurisdictions:

    • Andorra
    • Anguilla
    • Antigua and Barbuda
    • Aruba
    • Barbados
    • Bahamas
    • Bahrain
    • Belize
    • Bermuda
    • British Virgin Islands
    • Cayman Islands
    • Cook Islands
    • Curacao
    • Dominica
    • Gibraltar
    • Grenada
    • Guernsey
    • Hong Kong
    • Isle of Man
    • Jersey
    • Liberia
    • Mauritius
    • Monaco
    • Montserrat
    • Nauru
    • Niue
    • Panama
    • Republic of the Marshall Islands
    • Saint Kitts and Nevis
    • Saint Lucia
    • Saint Maarten (Dutch Part)
    • Saint Vincent & the Grenadines
    • Samoa
    • San Marino
    • Seychelles
    • Turks and Caicos Islands
    • US Virgin Islands
    • Vanuatu.

    Public CBC information to be reported

    The Public CBC reporting parent is required to publish the following information:

    • its own legal name
    • the names of each entity in the CBC reporting group
    • a description of the CBC reporting group’s approach to tax
    • information about Australia and specified jurisdictions, on a CBC basis
    • information about its other jurisdictions, either on a CBC or aggregated basis.

    Information required to be reported

    If the Public CBC reporting parent chooses to report on a CBC basis for all jurisdictions in which the group operates, it doesn’t need to publish any information on an aggregated basis.

    However, if the Public CBC reporting parent only publishes information on a CBC basis for Australia and the specified jurisdictions, it must publish information for all other jurisdictions on an aggregated basis.

    Australia and specified jurisdictions

    The Public CBC reporting parent is required to report the following information for Australia and specified jurisdictions:

    • name of the jurisdiction
    • description of main business activities
    • number of employees (on a full-time equivalent basis) at the end of the reporting period
    • revenue from unrelated parties
    • revenue from related parties that are not tax residents of the jurisdiction
    • profit or loss before income tax
    • book value at the end of the reporting period of tangible assets, other than cash and cash equivalents
    • income tax paid (on a cash basis)
    • income tax accrued (current year)
    • reasons for the difference between income tax accrued (current year) and the amount of income tax due if the income tax rate applicable to the jurisdiction were applied to profit and loss before income tax
    • currency used in calculating and presenting the above information.

    Other jurisdictions (aggregated information)

    The Public CBC reporting parent is required to report the following information on an aggregated basis for all other jurisdictions in which the group operates:

    • description of main business activities in those jurisdictions
    • number of employees (on a full-time equivalent basis) at the end of the reporting period
    • revenue from unrelated parties
    • revenue from related parties that are not tax residents of the jurisdiction in which that revenue is being derived
    • profit or loss before income tax
    • book value at the end of the reporting period of tangible assets, other than cash and cash equivalents
    • income tax paid (on a cash basis)
    • income tax accrued (current year)
    • the currency used in calculating and presenting the above information.

    Guidance

    The information required to be reported has been adopted from the Global Reporting Initiative (GRI) 207: Tax 2019 (GRI 207) reporting standard. The GRI 207 may be used as a source of guidance in interpretating the publishing requirements. Greater detail on the interpretation of terms is contained in the BEPS Action 13 Guidance and OECD Transfer Pricing Guidelines.

    For further detail, see:

    Publishing the information

    The Public CBC reporting parent is required to publish the information on an Australian Government website by giving the information in the approved form to the ATO. The approved form is in XML Schema format, and lodgment is via email. Upon lodgment, we will send an email acknowledging receipt.

    Instructions on the approved form are currently under development and will be available in the second half of 2025.

    The ATO’s role

    We will facilitate the publication of the reported information as soon as practicable on the Australian Government website.

    The first publication is expected to be released in late 2026.

    Extension of time to provide the Public CBC report

    The Public CBC report is due within 12 months after the end of the relevant reporting period. For example, for the reporting period ending 30 June 2025, the Public CBC report is due by 30 June 2026.

    A Public CBC reporting parent may apply to the ATO for an extension of time to provide the Public CBC report. The Public CBC reporting parent can submit their request for deferral to us via email.

    Correcting errors

    If a Public CBC reporting parent becomes aware of a material error in any of the published information, they must rectify the error by providing the corrected information to the ATO. The entity must provide the corrected Public CBC report in its entirety to us by email.

    A correction of a material error is required within 28 days after the entity becomes aware of the error. For example, we will consider an entity aware of a material error once its accountant or tax manager realises the error and prepares an amendment to the entity’s income tax return, necessitating an amendment to its Public CBC report.

    For a non-material error, the entity may choose to rectify the error by providing the corrected Public CBC report in its entirety to us by email.

    If a material or non-material error is rectified by the Public CBC reporting parent, we will publish the corrected information on the Australian Government website as soon as practicable. 

    Penalties apply for non-compliance.

    Exemptions to Public CBC reporting

    The purpose of the Public CBC reporting regime is to enhance tax transparency. However, a Public CBC reporting parent may seek an exemption from reporting obligations from the ATO. We have the discretion, for a single reporting period, to grant an entity a:

    • full exemption
    • partial exemption specifying that it is exempt from publishing information of a particular kind.

    Guidance on how we will administer the exemption will be made available in mid-2025. For updates, see [4148] Public country-by-country reporting transparency measure and exemption discretions.

    Government-related entities

    Government-related entities may be relieved from the Public CBC reporting regime.

    The following are government-related entities:

    • a department of the State of the Commonwealth
    • a Department of the Australian Parliament established under the Parliamentary Services Act 1999
    • an executive agency or statutory agency, within the meaning of the Public Service Act 1999
    • department of state of a state or territory
    • an organisation that satisfies all of the following
      • is either established by the Commonwealth, a state or territory (whether under a law or not) to carry on an enterprise or established for a public purpose by an Australian law
      • can be separately identified by reference to the nature of the activities carried on through the organisation or the location of the organisation
    • a local government body established by or under a state or territory law.

    A government-related entity that is a CBC reporting entity can be relieved from the regime for one or more reporting periods by written notice from the ATO.

    We will provide further guidance for government-related entities in late 2025.

    MIL OSI News –

  • MIL-OSI USA: Rosen Joins Bipartisan Bill to Help Lower Housing Costs, Incentivize Housing Development in Nevada

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) announced her support for a bipartisan bill to incentivize housing development and lower costs in Nevada. The bipartisan Affordable Housing Credit Improvement Act would increase the amount of Low Income Housing Tax Credits (LIHTC) allocated to each state by 50 percent for the next two years. The LIHTC program provides tax credits for housing developers that incentivize construction of affordable housing units. 
    In Nevada, the Low Income Housing Tax Credit has developed or preserved 36,213 homes, supported 59,128 jobs, generated $2.325 billion in tax revenue, and generated $6.698 billion in wages and business income within the state.
    “Hardworking Nevada families are being squeezed by high housing costs and a dire shortage of affordable homes,” said Senator Rosen. “That’s why I’m joining this bipartisan bill to incentivize more development of housing Nevadans can actually afford and help lower costs for families. I’ll keep doing everything I can to bring down the prices of buying or renting a home.”
    “Senator Rosen’s support for the Affordable Housing Credit Improvement Act is a win for Nevada families,” said Maurice Page, Executive Director of the Nevada Housing Coalition. By championing the expansion of the Low-Income Housing Tax Credit, she’s standing up for working Nevadans and ensuring that more people have access to safe, stable, and affordable homes. Her leadership gives a voice to those too often left out of the conversation.”
    “We applaud Senator Rosen for championing the Affordable Housing Credit Improvement Act,” said Wally Swenson, Vice President of Corporate Affairs for Nevada HAND. “This bipartisan legislation will provide the resources Nevada needs to expand access to safe, stable, affordable housing that empowers residents and strengthens communities. Nevada faces one of the most severe affordable housing shortages in the country, and the Low Income Housing Tax Credit is our most effective tool to create and preserve quality affordable homes for low-income seniors, individuals, and families.”
    “The Affordable Housing Credit Improvement Act would be a true game-changer for our industry. It strengthens the public-private mechanisms that make attainable housing possible in communities across the country,” said Bill Brewer, Executive Director of Nevada Rural Housing. “This bill has long had strong support, and we’re thrilled to have champions like Senator Rosen helping to build momentum. Her support brings us closer to the traction we need to move this critical legislation forward and expand access to safe, affordable homes for those who need them most.”
    Senator Rosen is working to lower housing costs and prevent housing prices from increasing further. Earlier this year, she introduced the Housing Choice Vouchers Fairness Act to update the U.S. Department of Housing and Urban Development’s decades-old Housing Choice Voucher allocation formula so fast-growing cities like Las Vegas can access more of them. Senator Rosen also sent a letter urging the Trump Administration to reverse course on imposing tariffs on Canada and Mexico, which are raising housing construction costs. Additionally, Senator Rosen introduced bipartisan legislation to invest in the construction workforce to be able to build more housing and help lower costs.

    MIL OSI USA News –

  • MIL-OSI Australia: Greater Bendigo community thanked for shaping the proposed Council Plan 2025-2029 and Annual Budget

    Source: New South Wales Ministerial News

    Council extends its sincere thanks to the local community for their valuable input on two key milestone documents, the proposed Council Plan Mir wimbul  2025–2029 and the Budget 2025/2026.

    Shaped by community priorities through extensive public engagement, these documents will be considered for adoption at the next Council Meeting on Monday June 16, starting at 6pm.

    For the first time, the proposed Council Plan and Budget have been developed and planned together, ensuring a strong alignment between strategic goals and the resources required to achieve them.

    Mayor Cr Andrea Metcalf said this combined approach marked a significant step forward in addressing both current and future community needs.

    “Developing the proposed Council Plan and Budget at the same time has ensured that our strategic goals are directly supported by the projects and initiatives we’re funding,” Cr Metcalf said.

    “The proposed Council Plan sets our direction for the next four years and includes the Municipal Public Health and Wellbeing Plan. We’re focused on creating a welcoming community and a healthy environment that supports people to thrive. It reinforces the City’s commitment to improving health outcomes in partnership with local health organisations.”

    The proposed Budget 2025/2026 outlines key priorities for the coming year, supported by an annual action plan to ensure efficient and sustainable delivery of services.

    Cr Metcalf acknowledged the extensive community engagement that helped to shape both documents.

    “These milestone plans would not have been possible without the input of hundreds of community members, partner organisations, and Traditional Owner organisations. Councillors sincerely thank everyone who contributed their time, ideas, and experiences.”

    The planning process included:

    • A wide number of community focus groups and meetings with Traditional Owner organisations, key partners, local groups, and businesses
    • Two community-wide surveys with over 500 responses
    • A 42-person deliberative community panel held over a weekend in March that was selected from over 200 registrants, representing diverse genders, abilities, and cultural backgrounds, including First Nations community members

    “The community deliberative panel met over three days to provide guidance to Councillors, helping shape ideas that reflect the community’s voice and the Council Plan’s vision. Based on this and earlier community feedback, people told us they want Greater Bendigo to be responsible, healthy, thriving and welcoming,” Cr Metcalf said.

    “Community members recognise that Greater Bendigo is experiencing both the benefits and challenges of growth. We’re working hard to advocate for more housing and better facilities to support our expanding population.

    “Top priorities identified through community engagement include roads, public and active transport, waste management, and parks and trails. The community understands the importance of creating healthy, liveable places and spaces.”

    In addition to the Council Plan and Budget, a proposed Rating and Revenue Plan 2025-2029 and proposed Financial Plan 2025-2035 will also be considered for adoption at the June 16 meeting.

    The Revenue and Rating Plan 2025/2029 explains how the City will raise funds to pay for services, facilities and infrastructure. This includes finding the most appropriate and affordable rates approach for Greater Bendigo’s residents and businesses. In response to the introduction of the Emergency Services Volunteer Fund in July, the City’s 2025/2026 Budget proposes to reduce the rate in the dollar for the farm rate and not increase waste charges for all ratepayers in the new financial year.

    The Financial Plan sets out how the City plans to fund the delivery of services to the community in an efficient and sustainable way. The City uses a financial model to forecast and monitor a 10-year financially sustainable projection of how it plans to fund the actions in the Council Plan. 

    MIL OSI News –

  • MIL-OSI: Currency Exchange International Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCQX: CURN), today reported net income of $1.98 million for the second quarter of 2025, 291% higher than the prior year (all figures are in U.S. dollars except where otherwise indicated). This 2025 reported net income reflected $2.7 million net income from continuing operations and a net loss of $0.7 million from Exchange Bank of Canada, the Company’s Canadian subsidiary which was classified as discontinued operations effective the second quarter of 2025. These results include restructuring charges of $0.2 million, pre-tax, related to discontinued operations in Canada and certain one-time charges of $0.1 million, pre-tax. Excluding these items, the Group’s adjusted net income1 increased by 18% compared to the prior year and adjusted diluted earnings per share1 (“EPS”) was 24% higher than the prior year. The completed condensed interim consolidated financial statements and management’s discussion and analysis (“MD&A”) can be found on the Group’s SEDAR profile at www.sedarplus.ca.

    Q2, 2025
    Reported Results    		 EBITDA $4.9 million
    Up 10% YoY    		 Net Income $1.98 million
    Up 291% YoY    		 Diluted EPS $0.31
    Up 288% YoY    		 Annualized ROE 5%
    Down 50% YoY
    Q2, 2025
    Adjusted Results1    		 EBITDA1$5.1 million
    Up 15% YoY    		 Net Income1$2.3 million
    Up 18% YoY    		 Diluted EPS1$0.36
    Up 24% YoY    		 Annualized ROE112%
    Flat YoY

    Below is a reconciliation of reported results to adjusted results based on non-recurring items:

      Three-month
    period ended
    April 30, 2025    		 Three-month
    period ended
    April 30, 2024    		 Six-month
    period ended
    April 30, 2025    		 Six-month
    period ended
    April 30, 2024
    Reported results $ $ $ $
    EBITDA 4,901,810 4,470,061 8,755,560 7,755,158
    Group net income 1,983,025 506,522 2,795,555 1,356,397
    Pre-tax adjusting items        
    Specified item: Restructuring charges 229,404 – 229,404 –
    Specified item: Advisory costs* 145,452 – 425,513 –
    Specified item: Deferred tax assets reversal* – 1,427,600 – 1,429,850 
    Total pre-tax adjusting items 374,856 1,427,600 654,917 1,429,850 
    Impact of income tax (72,073) – (80,647) –
    Adjusted results**        
    EBITDA 5,131,214 4,470,061 8,984,964 7,755,158
    Group net income 2,285,808 1,934,122 3,369,825 2,786,247
    Group Diluted earnings per share        
    Reported 0.31 0.08 0.44 0.21
    Adjusted** 0.36 0.29 0.53 0.42

    *These adjustments are reported within the results from discontinued operations.

    **These are non-GAAP financial measures and ratios. For further details, refer to the key performance and non-GAAP financial measures section below.

    Total revenue was 3% lower than the prior year due to a decline in consumer demand for foreign currency as travel activity tapered during the current quarter. Although revenue declined, the Company’s net income for the second quarter rose compared to the same quarter last year, primarily due to the favorable impact of a weaker U.S. Dollar on the revaluation of foreign currency banknote holdings. The Group’s capital position remained robust, and liquidity was strong with $81.2 million in total equity and $60.4 million in net working capital as of April 30, 2025 ($79.4 million and $55.9 million as of October 31, 2024, respectively). All reported amounts are based on the Group’s condensed interim consolidated financial statements presented in compliance with International Accounting Standard 34 Interim Financial reporting, unless otherwise noted.

    On February 18, 2025, the Group announced its decision to cease the operations of its wholly owned subsidiary, Exchange Bank of Canada. This strategic decision and operational plan for restructuring were communicated to all staff of EBC on February 19, 2025. Following the cessation of operations, the Bank intends to apply to the Minister of Finance in Canada to discontinue from the Bank Act. The application to discontinue is expected to be made in the fourth quarter of 2025, with the actual discontinuance of the Bank being subject to receipt of all necessary regulatory approvals. Following the Group’s decision, management has commenced implementation of the restructuring and planned discontinuance of the Bank. Management anticipates that certain operating expenses and personnel costs, that are currently shared with EBC, will be 100% borne by the continuing operations of CXI, subsequent to the exit of EBC from Canada, and the current annualized estimate of these costs is approximately $3 million after tax. In the second quarter of 2025, Exchange Bank of Canada was classified as a discontinued operation in the Group’s condensed interim consolidated financial statements.

    On May 20, 2025, CXI upgraded its U.S. securities listing with the Company’s shares commencing trading on the OTCQX Best Market under the symbol CURN.

    Randolph Pinna, CEO of the Group, stated, “The second quarter showed continued growth in the payments business, while with the current political and economic uncertainties, international travel activity to and from the United States decreased banknote revenues. CXI’s diversified business model in the United States allows for continued new client growth in the payments business complemented by successful multi-channel banknotes offerings for both our U.S. Financial Institutions in branch or online as well as the Direct-to-Consumer customer offerings through online, agent and physical branch locations. CXI’s management team and I remain committed to executing CXI’s strategic plan which is focused on revenue and earnings growth as well as the return on capital and creating value for our shareholders resulting from providing leading FX technology and transaction processing solutions”.

    Financial Highlights for the three-month periods ended April 30, 2025 and 2024:

    • Revenue decreased by 3% or $0.5 million to $15.9 million compared to $16.4 million. Banknotes revenue decreased by 5% or $0.6 million over the prior period while Payments revenue increased by 5% or $0.1 million;
    • Reported EBITDA increased by 10% or $0.4 million to $4.9 million from $4.5 million. Adjusted EBITDA2 was $5.1 million, 15% higher than the prior period;
    • Reported Group net income was $1.98 million, a 291% increase compared to the prior period. Adjusted Group net income2 increased 18% or $0.4 million to $2.3 million from $1.9 million in the prior period;
    • Reported earnings per share were $0.32 and $0.31 on a basic and fully diluted basis, respectively, compared to the prior year’s reported earnings per share of $0.08 on both a basic and fully diluted basis. Adjusted earnings per share2 were $0.37 and $0.36 on a basic and fully diluted basis, respectively, compared to the prior year’s adjusted earnings per share of $0.30 and $0.29; and
    • The Group maintained a strong financial position, with net working capital of $60.4 million and total equity of $81.2 million as of April 30, 2025.

    Financial Highlights for the six-month periods ended April 30, 2025 and 2024:

    • Revenue increased by 3% or $0.8 million to $31.3 million compared to $30.5 million. Payments revenue increased by 11% or $0.5 million and Banknotes revenue increased by 1% or $0.3 million over the prior period;
    • Reported EBITDA increased by 13% or $1.0 million to $8.8 million from $7.8 million. Adjusted EBITDA3 was $9.0 million, 16% higher than the prior period;
    • Reported Group net income was $2.8 million, a 106% increase compared to the prior period. Adjusted Group net income3 increased 21% or $0.6 million to $3.4 million from $2.8 million in the prior period; and
    • Reported earnings per share were $0.45 and $0.44 on a basic and fully diluted basis, respectively, compared to the prior year’s reported earnings per share of $0.21 on both a basic and fully diluted basis. Adjusted earnings per share3 $0.54 and $0.53 on a basic and fully diluted basis, respectively, compared to the prior year’s adjusted earnings per share of $0.44 and $0.42.

    Corporate Highlights for the three-month period ended April 30, 2025:

    • The Group continued its growth in the direct-to-consumer market through its network of company-owned branch locations, agent relationships, and in the majority of states where it operates its OnlineFX platform. During the second quarter of 2025, the Group added the State of Mississippi to its OnlineFX platform network, now operating in 45 states and the District of Columbia;
    • The Group increased its banknotes market penetration into the financial institutions sector in the United States with the addition of 124 new clients in the second quarter of 2025; and
    • The Group continued to grow its Payments product line benefiting from the recent investments in core banking platform integrations which enabled the Group to expand its reach and increase its volumes in the United States. The Group processed 45,788 payment transactions in the second quarter compared to 37,781 payment transactions in the prior period.

    Selected Financial Data

    The following table summarizes the performance of the Group over the last eight fiscal quarters:

      Results of Continuing Operations – Reported Group Net Results – Reported Group Net Results- Adjusted3
    Quarterly Results Revenue Net income Earnings per
    share (diluted)    		 Net income
    (loss)    		 Earnings/(loss)
    per share
    (diluted)    		 Net income Earnings per
    share (diluted)
      $ $ $ $ $ $ $
    Q2 2025 15,865,150 2,674,849 0.42 1,983,025 0.31 2,285,808 0.36
    Q1 2025 15,450,861 1,694,672 0.26 812,530 0.12 1,092,648 0.17
    Q4 2024 18,460,390 3,313,852 0.50 (2,817,897) (0.45) 2,780,445 0.42
    Q3 2024 19,961,122 5,122,815 0.77 3,935,350 0.59 4,644,984 0.69
    Q2 2024 16,358,796 2,731,629 0.41 506,522 0.08 1,934,122 0.29
    Q1 2024 14,141,018 2,020,274 0.30 849,874 0.13 849,874 0.13
    Q4 2023 18,742,856 3,467,825 0.52 2,303,822 0.34 2,303,822 0.34
    Q3 2023 19,416,155 4,650,604 0.69 4,056,478 0.60 4,056,478 0.60

    Earnings Conference Call Details

    CXI plans to host a conference call on Thursday, June 12, 2025, at 8:30 AM (EST).

    To participate in or listen to the call, please dial the appropriate number:

    Toll Free – North America: (+1) 800 717 1738

    Conference ID Number: 21262

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    KEY PERFORMANCE AND NON-GAAP FINANCIAL MEASURES

    The Group measures and evaluates its performance, as presented in this document, using a number of financial metrics and measures, such as adjusted net income, which do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to other companies. The Group’s management believes that these measures are more reflective of its operating results and provide the readers of this document with a better understanding of management’s perspective on the performance. These measures enhance the comparability of our financial performance for the current year with the corresponding period in the prior year. For further information, including a reconciliation, refer to key performance and non-GAAP financial measures in the MD&A.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Group’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry; evolving worldwide geopolitical developments and pandemics including COVID-19 all of which may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets which impact personal and business travel, tourism and factors relevant to the Group’s business; global economic deterioration negatively impacting tourism in general; currency exchange risks, the need for the Group to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Group’s proprietary rights, the effect of government regulation and compliance on the Group and the industry in which it operates, network security risks, the ability of the Group to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel; volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled “Risks and Uncertainties” of the Group’s Management’s Discussion and Analysis for the three and six-month periods ended April 30, 2025 and 2024. Forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Group disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.

    1 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
    2 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
    3 These adjusted results are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.

    The MIL Network –

  • MIL-OSI USA: Warnock, Colleagues Introduce Bill to Close Tax Loophole for Big Pharma

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Today, Senator Reverend Warnock introduced the Close the Round-Tripping Loophole Act, to close a tax loophole to make it harder for pharmaceutical companies to move profits to offshore accounts and pay lower taxes on American-sold products 

    Senator Reverend Warnock: “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits”

    Senator Wyden: “This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right” 

    Senator Warner: “This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families”

    Senator Welch: “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed”

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Finance Committee Ranking Member Ron Wyden (D-OR), Mark Warner (D-VA), and Peter Welch (D-VT) introduced the Close the Round-Tripping Loophole Act, which closes a tax loophole regularly used by pharmaceutical companies to move profits offshore and pay significantly lower corporate tax rates. The corporate tax loophole was blessed by Washington Republicans and signed into law by President Trump in the 2017 Tax Cuts and Jobs Act. 

    “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits,” said Senator Warnock. “This critical legislation provides a commonsense fix that helps lower our deficit while forcing Big Pharma to pay their fair share. I urge my colleagues to pass this bill as quickly as possible.”

    “Big, profitable multinationals have been abusing this loophole for many years with the blessing of Trump and Republicans, who are now gearing up to give those corporations even bigger tax breaks in their massive budget bill,” said Senator Wyden. “I’ve spent years investigating Big Pharma’s many tax schemes, and round-tripping is one of their go-to dodges. This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right.”

    “For too long, American corporations have been able to exploit loopholes that let them shift profits overseas and avoid paying their fair share in taxes – leaving hardworking Americans to pick up the tab,” Senator Warner said. “This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families.”

    “The ‘round-tripping’ loophole is just another way large corporations and Big Pharma have schemed to rip-off taxpayers and avoid paying their fair share. They’ve been getting away with this for years now—enough’s enough,” said Senator Welch. “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed.”

    The Close the Round-Tripping Loophole Act closes a loophole that large corporations, especially pharmaceutical companies, have used to shift their profits offshore. This legislation would help ensure that companies pay U.S. corporate taxes on profits made in the United States by making it harder for corporations to shift this income to low-tax countries. No small businesses would be subject to these provisions. The proposal would only apply to corporations that average at least $100 million in annual revenue.

    The introduction of the Close the Round-Tripping Loophole Act is Senator Warnock’s most recent effort to combat corporate greed and hold big pharmaceutical companies accountable. In August 2022, Senator Warnock introduced legislation to combat corporate greed and incentivize companies to lower prices at the pump for Georgians by raising taxes on oil and gas companies that utilized greedy practices. In February 2022, Senator Warnock successfully pushed to cap the cost of insulin and prescription drugs for seniors on Medicare.

    Read the Close the Round-Tripping Loophole Act HERE

    MIL OSI USA News –

  • MIL-OSI New Zealand: Legislative Changes Create Major Tax Savings Opportunity for Thousands of Kiwis and Expat Brits with UK Pensions

    Source: Press Release Service

    Headline: Legislative Changes Create Major Tax Savings Opportunity for Thousands of Kiwis and Expat Brits with UK Pensions

    Groundbreaking changes to New Zealand’s tax law, coming into effect on 1 April 2026, will create unprecedented opportunity for thousands of Kiwis and British expats with UK pensions to save on tax and transfer sooner.

    The post Legislative Changes Create Major Tax Savings Opportunity for Thousands of Kiwis and Expat Brits with UK Pensions first appeared on PR.co.nz.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Baltimore County Man Facing Federal Charges in Connection With Bribing Former Baltimore City Finance Official

    Source: Office of United States Attorneys

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland unsealed an indictment charging James Carroll Erny Jr., 54, of Glen Arm, Maryland, with paying more than $10,000 in bribes to Joseph Gillespie, a former Baltimore City Department of Finance, Revenue Collections, employee.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Acting Special Agent in Charge Amanda M. Koldjeski, Federal Bureau of Investigation (FBI) – Baltimore Field Office. 

    As alleged in the indictment, from about August 2021 through September 2023, Erny paid Gillespie at least $10,000 in bribes in exchange for Gillespie extinguishing various financial obligations he owed to Baltimore City. The debt was in connection with various properties Erny owned, including unpaid water bills.

    On February 20, 2025, U.S. District Judge Richard D. Bennett sentenced Gillespie to four years in federal prison, followed by three years of supervised release, in connection with his role in the bribery scheme, along with an unrelated fraud scheme. According to his plea agreement, beginning in 2016, and continuing into 2023, Gillespie engaged in a bribery scheme. Through the scheme, Gillespie abused his position of trust as a public official within the Baltimore City Department of Finance for personal gain.

    As an employee of the Department of Finance’s Revenue Collections, Gillespie routinely accepted bribes from various property owners in Baltimore City. These property owners were subject to financial obligations with Baltimore City, and if these debts remained unpaid, the property became subject to a tax sale. 

    Gillespie accepted these bribes — typically 10-15 percent of the amount owed to the City — in exchange for removing or extinguishing these financial obligations, including for citations, tax, and water obligations, which caused losses for the City.  He also accepted bribes in exchange for delaying or postponing due dates — without approval or permission from other City officials — for payments owed to the City. By adjusting payment due dates, this prevented the City from placing liens on these properties.

    Once Gillespie received bribe payments, he then extinguished the financial obligation owed by marking it as paid in the City’s online records.  After removing the obligation, Gillespie sometimes sent a photograph of a cashier slip reflecting that the City received payment toward the financial obligation when, in fact, no such payment was made.

    The bribery scheme continued for years, and Gillespie admitted that he enlisted the help of multiple co-conspirators.  According to the plea agreement, Gillespie received more than $250,000 in connection with the bribery scheme and caused losses to the City in excess of $1.25 million.

    Erny faces one charge of Bribery in connection with his role in the bribery scheme.  If convicted, he faces a maximum penalty of 10 years in prison. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.  An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    U.S. Attorney Hayes commended the FBI for its work in the investigation and the Baltimore County Police Department for its valuable assistance.  Ms. Hayes also thanked Assistant U.S. Attorneys Paul A. Riley and Evelyn L. Cusson who are prosecuting the federal case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit justice.gov/usao-md  and justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI USA: Senator Murray Slams Trump Administration’s Politicization of Water Resources, Proposal to Gut Investments in America’s Waterways, Flood and Drought Prevention

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***WATCH AND READ: Senator Murray’s opening remarks***

    ***WATCH: Senator Murray’s questioning***

    Washington, D.C. — Today, at a Senate Appropriations Energy and Water Development Subcommittee hearing on the fiscal year 2026 budget request for the Army Corps of Engineers and Bureau of Reclamation, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Ranking Member of the Subcommittee, slammed the Trump administration’s politicization of water resources and proposal to gut investments in the Corps and Bureau.

    Senator Murray questioned witnesses D. Lee Forsgren, Acting Assistant Secretary of the Army (Civil Works); Lt. Gen. William H. Graham, Jr., Chief of Engineers, U.S. Army Corps of Engineers; and Scott J. Cameron, Acting Assistant Secretary for Water and Science, Department of Interior, on the Trump administration threatening the Howard Hanson Dam project in Washington state, not meeting funding targets for donor ports like the Ports of Seattle and Tacoma, and putting the Columbia River Treaty with Canada—which is critical for the entire Pacific Northwest—at risk.

    [RANK POLITICIZATION OF ARMY CORPS FUNDING]

    Senator Murray began by asking General Graham about President Trump’s flagrant politicization of Army Corps funding—an issue she touched on in her opening remarks—stating: “The Howard Hanson dam project is to address dam safety issues, provide additional water supply, and meet the Corps’ legal obligations by opening up miles of critical salmon habitat—would you agree with that assessment?”

    General Graham responded, “Yes. The Howard Hanson project right now is, the one we are working on is primarily is fish passage, to figure out how to get small juvenile fish off of a high head dam which we have never done before, but it is part of a larger project that provides as you said, critical flood risk management and water supply protection to the southeastern part of Seattle.”

    “Is it true that the $500 million the project was slated to receive in the FY25 budget—as well as in the House and Senate bills—would have allowed construction to proceed on schedule?” Senator Murray asked General Graham.

    General Graham replied, “Yes, that would have allowed us to keep on our current construction schedule.”

    Senator Murray said, “Well it’s clear that the Howard Hanson project is shovel ready. And despite that—the Trump Administration seems ready to walk away from that. Everyone needs to understand, turning the Army Corps into a political slush fund sets a very dangerous precedent.”

    “In fact, in testimony before the House, a top Army Corps official very explicitly stated that OMB—not the experts at the Corps—called the final shots here. Section 107 has been passed on a bipartisan basis in our bill for the last five years and makes clear that funding should be allocated only to projects determined to be eligible by the Chief of Engineers. But it appears that OMB handed the Corps the final spend plan without consulting you as required,” Senator Murray continued. “The law needs to be followed. So, I am going to ask you, yes or no—were you provided a final spend plan so you could determine all the projects listed were eligible?”

    General Graham answered, “We provided our best technical recommendation to the assistant secretary.”

    Mr. Forsgren responded, “We provided input through the presidential budget process on that spending plan. We provided technical input on that spending plan.”

    “So that you could prove that all of them were eligible, correct?” pressed Senator Murray.

    “I don’t think eligibility was ever the question,” replied Mr. Forsgren.

    Senator Murray replied, “That’s really troubling—and really an example of this Administration that just somehow thinks they are above the law. I’ve got news for Russ Vought—the law applies to him the same as for everybody else. So that is very troubling.”

    [DONOR PORT FUNDING]

    Senator Murray continued her questioning by discussing the administration’s failure to meet statutory targets for Harbor Maintenance Trust Fund (HMTF) funding for donor ports like the Ports of Seattle and Tacoma—which contribute significantly to the HMTF but have historically received relatively little funding back for harbor maintenance projects. Murray said, “I consistently hear from ports and harbors across the country about how they rely on the Harbor Maintenance Trust Fund to maintain critical port infrastructure. Now, in April, the Administration issued an Executive Order acknowledging that cargo carriers divert goods to Canada from our donor ports, Seattle and Tacoma, to avoid the Harbor Maintenance Tax—that is really an unfair practice, I have spoken about for years.”

    “But this year’s budget request does not even attempt to meet the WRDA [Water Resources Development Act] targets for HMTF donor port funding,” continued Senator Murray. “Even more troubling, in the skinny budget, this administration tries to tell Congress that it is not a federal responsibility to provide those dollars—even though that is one of the explicit purposes Congress passed into law. That is really unacceptable. Donor Port funding has already been determined through the WRDA process and our annual appropriations bills for years. It is extremely frustrating that I have to continue raising this issue year after year to get our ports the fair share they are entitled to under the law.”

    Senator Murray asked Mr. Forsgren, “Will you commit to ensure that Donor Ports like Seattle and Tacoma will receive their full, fair share of the HMTF dollars as Congress intended?”

    Mr. Forsgren responded, “I will commit to working to ensure that the Harbor Maintenance Fund is used to the maximum extent it possibly can. We understand the Harbor Maintenance Fund is the backbone of the commercial navigation system for our ports and that system has to be able to be functional across all of the nation’s ports. But I will say, there needs to be a primary focus on the principal federal responsibility which is the mainline channels. I will commit to working with you to fully utilize the Harbor Maintenance Trust Fund as it is passed into law.”

    [COLUMBIA RIVER TREATY]

    Finally, Senator Murray emphasized the importance of the Columbia River Treaty for Washington state and the entire Pacific Northwest, and the shared waterway with Canada, “The Columbia River provides habitat for salmon and endangered species, it also irrigates 600,000 acres of farmland, and serves as a marine highway, it also provides electricity to the entire Northwest. And critically, it is also a transboundary waterway shared with Canada. Now, the State Department has been leading efforts to negotiate a modernized Columbia River Treaty—which is really critical to providing certainty for people and businesses across our region who rely on the Columbia River. But this Administration appears committed to doing everything they can now to tank our relationship with our friend and neighbor, Canada. And the key to getting this agreement in place, and all the hard work that has gone into it, was collaboration between all the stakeholders. It is really imperative that as the interim agreement is executed, that that collaboration continues.”

    Senator Murray asked Mr. Cameron and Mr. Forsgren, “Will you commit to ensuring that the Corps and Reclamation continue to communicate with tribes and the mid-C public utilities on the operation of the Columbia River System?”

    Mr. Forsgren replied, “We certainly commit—we are committed to the treaty, as is reflected in the budget. We are committed to continuing the dialogue necessary to operate and maintain the system.”

    “Mr. Cameron?” followed up Senator Murray.

    Mr. Cameron said, “Yes Senator, I’ve already had multiple meetings with stakeholders from throughout the Columbia River basin, including tribes. Conversations are ongoing.”

    Senator Murray concluded, “This is really a critical treaty. We need to get it enacted. And again, Canada is not our enemy there, we need to include them.”

    ___________________________________

    Senator Murray recently led the Washington state and California delegations to call out President Trump’s outrageous, nakedly-political decision to zero out critical funding for Army Corps of Engineers construction projects in blue states like Washington and California while steering hundreds of millions more to red states. Supporting the Howard Hanson Dam has been a longtime priority for Senator Murray, and she has pressed the Army Corps to prioritize funding for the Dam for years. Under the last administration, Senator Murray was able to secure critical funding boosts for Howard Hanson Dam, including $220 million in the Bipartisan Infrastructure Law and $50 million to begin construction of a new facility in the funding bills for fiscal year 2024 that Murray wrote as then-Chair of the Appropriations Committee. Back in 2010, Murray secured $44 million in badly needed emergency funds for the U.S. Army Corps of Engineers to repair the Howard Hanson Dam. In the draft fiscal year 2025 appropriations bill she cleared unanimously out of Committee last year, Senator Murray secured $500 million for the dam, which would support fish passage and address dam safety and water supply issues for cities like Tacoma and Covington. $500 million was also included in the House’s draft fiscal year 2025 appropriations bill. The funding is needed to execute a construction option on the contract for the project, which would have allowed construction to begin in 2026 as scheduled.

    Congress typically provides specific, detailed instructions in its annual appropriations bills on how the Army Corps (and so many other agencies) must spend funding provided by Congress. Annual appropriations bills note exactly what Army Corps projects must be funded and at what levels. But instead of working with Democrats to pass full-year appropriations bills that deliver for communities across America, Republicans in Congress put forth a yearlong continuing resolution (CR) that failed to include hundreds of specific directives on how funding must be spent. For months, Senator Murray warned of the dangers of passing Republicans’ slush fund CR, noting, for example, that it would allow the administration to zero out funding for Army Corps projects. 

    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES: “HOUSE REPUBLICANS HAVE AN OPPORTUNITY TO STOP THE GOP TAX SCAM”

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, House Democratic Leader Hakeem Jeffries held a press conference with Senate Democratic Leader Chuck Schumer where they urged House Republicans to use their second chance to do the right thing and stop the GOP Tax Scam.  

    LEADER JEFFRIES: It’s an honor and a privilege to be joined today by Leader Chuck Schumer. We’ve been working closely with Leader Schumer and Senate Democrats in a unified way to stop the Republican One Big, Ugly Bill from ever becoming law. Later on today on the House Floor, Republicans will have an opportunity to stop the GOP Tax Scam and address the concerns that have been raised by dozens of House Republicans with respect to the damage that the One Big, Ugly Bill will do to everyday Americans. The GOP Tax Scam represents the largest assault on healthcare in American history. More than 16 million Americans will lose access to healthcare in the United States of America as a result of the One Big, Ugly Bill. Hospitals will close, nursing homes will shut down and people will die because they’ll lose access to the medical care that they need. Tens of millions of additional Americans will pay higher premiums, co-pays and deductibles.

    There are more than a dozen House Republicans who have indicated that they don’t support cutting Medicaid for the people that they represent. Those House Republicans have a chance to stop this bill from even being sent over to the United States Senate by voting no on the rule today. Other House Republicans have indicated that they don’t support the cuts to the clean energy tax credits that have generated jobs and economic opportunity in their communities. Yet somehow, mysteriously, they voted for the One Big, Ugly Bill a few weeks ago. But now, these House Republicans have the ability to stop the GOP Tax Scam from being sent over to the United States Senate.

    It’s strange to me that you have Republicans who voted for a bill that they apparently disliked, and then publicly sent a letter to their Senate Republican colleagues to say, stop these provisions from ever becoming law. I mean, that’s the height of irresponsibility. Vote yes and then hope for the best. No, you have a job to do in the House of Representatives, and now you have a second chance to actually stop this One Big, Ugly Bill and the provisions that you disagree with, whether that’s the cuts to Medicaid or the cuts to clean energy tax credits, or the prohibition against regulating artificial intelligence across all 50 states or the aggressive overreach that many Republicans have complained about in terms of trying to strip away the ability of federal courts to issue contempt orders against an out-of-control executive branch. Every single one of those Republicans, dozens of them, now have an opportunity to actually act responsibly. Vote no against the rule that will be on the Floor of the House and stop the GOP Tax Scam from even going over to the United States Senate. I’m thankful again for the leadership and presence of Chuck Schumer. It’s now my honor to yield to him.

    Full press conference can be watched here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: The One Big Beautiful Bill Will Supercharge Our Economy

    US Senate News:

    Source: US Whitehouse
    Today’s inflation report brought more welcome news that prices are down and wages are up — and that progress will be supercharged with President Donald J. Trump’s One Big Beautiful Bill.
    Secretary of the Treasury Scott Bessent told Congress how the One Big Beautiful Bill — the largest tax cut in history — will boost that progress for middle-class Americans and the private sector without fueling inflation:
    “The One Big Beautiful Bill will raise take-home pay between $7,800 and $13,300 for the average family of four. It will increase wages between $6,100 to $11,600 for the average worker.” (Watch)
    “Not only does the One Big Beautiful Bill add $500 to the Child Tax Credit, it makes it permanent.” (Watch)
    “It will cement No Tax on Tips, No Tax on Overtime, and tax cuts for seniors.” (Watch)
    “The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum.” (Watch)
    “The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made in America.” (Watch)
    “The legislation will provide … the ability to buy a new American-made car and deduct the interest.” (Watch)
    “This bill will allow us to prevent our corporate revenues from being drained into foreign treasuries — and that is in the hundreds of billions of dollars.” (Watch)
    If the One Big Beautiful Bill doesn’t pass, “it would be cataclysmic. It would be the largest tax hike in history. It would be a disaster for businesses, for working Americans, and for our status in the world … We would see increases in taxes of thousands of dollars on working Americans, we would see businesses contract and we would see a substantial increase in the unemployment rate.” (Watch)

    MIL OSI USA News –

  • MIL-OSI USA: COLUMN: Walker: Your Money, Your Future: Delivering Real Tax Relief

    Source: US State of Georgia

    By: Sen. Larry Walker, III (R–Perry)

    Across Middle Georgia, folks are working hard to provide for their families, and every dollar matters. Whether you’re filling up your gas tank, checking out at the grocery store, or trying to cover your utility bill, the cost of living has gone up. I’ve heard it from farmers in Pulaski County, parents in Houston County, and retirees in Laurens and Dooly…Georgians are stretched thin.

    This year, we delivered real relief. I’m proud to report that the General Assembly passed two crucial measures, House Bills 111 and 112, to put more money back in your pocket and help ease the strain on household budgets.

    HB 111 reduces Georgia’s personal income tax rate from 5.39 percent to 5.19 percent, with a plan to reduce it even further to 4.99 percent in the coming years. While that may sound like a small number, it adds up in a big way for working families. Those savings will show up in take-home pay across our state, giving folks more flexibility to cover everyday costs.

    We know that when government takes in more than it needs, it should return the surplus to the people who earned it, not spend it on bureaucracy or pet projects. That’s why we also passed HB 112, which sends a one-time refund to Georgia taxpayers. The Department of Revenue is now issuing these checks. If you filed both your 2023 and 2024 tax returns on time and have no outstanding debt to the state, you can expect to receive a refund of $250 if you filed as a single taxpayer, $375 if you filed as head of household or $500 if you filed jointly as a married couple. It’s a direct result of responsible, conservative budgeting and the third year in a row we’ve been able to return excess revenue to Georgia families.

    We’re doing all this while still fully funding critical priorities. Our budget includes investments in school safety, teacher pay raises, mental health services, and rural healthcare infrastructure. We’ve supported hurricane recovery efforts and made sure our rural communities aren’t left behind. In fact, our state’s economy remains strong. Georgia’s net tax collections for May were up more than nine percent from last year, thanks in part to strong individual and corporate income tax returns. That’s not just good news for the state, it’s proof that our conservative approach is working.

    To my constituents in the 20th District, these policies were written with you in mind. Whether you’re running a small business in Eastman, tending a family farm in Cochran or living on a fixed income in Hawkinsville, this tax relief matters. It means fewer hard choices at the end of the month. It means peace of mind when planning for the future.

    I’ve always believed that Georgians know how to spend their money better than the government does. As Chairman of the Senate Insurance and Labor Committee and a member of the Senate Appropriations Committee, I take that belief seriously. It’s my job to protect your hard-earned income and ensure the state lives within its means.

    Georgia didn’t become the best state to do business by accident. We got here through discipline, smart policy and a deep respect for the taxpayer. This year’s tax relief package is just the latest chapter in that story, and I’ll keep fighting to make sure it’s not the last.

    If you have questions about your rebate or how these changes might affect your family or your business, please don’t hesitate to reach out to my office. It’s an honor to serve you, and I remain committed to building a stronger, more affordable Georgia—one that works for every family in our part of the state.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits

    Source: US State of North Carolina

    Headline: Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits

    Governor Stein Urges Senate Leaders to Support NC Economy By Protecting IRA Tax Credits
    lsaito

    Raleigh, NC

    Today Governor Stein urged Senate Majority Leader John Thune, Senate Finance Committe Chair Mike Crapo, and North Carolina Senators Ted Budd and Thom Tillis to reconsider the U.S. House of Representative’s efforts to end the energy and manufacturing tax credits that the Inflation Reduction Act of 2022 created. These tax credits have helped North Carolina emerge as a top state for clean energy business investment.

    “Our state’s clean energy economy is booming, and companies’ decisions to locate their clean energy advanced manufacturing facilities in North Carolina have brought jobs and opportunities to our state,” said Governor Josh Stein. “H.R. 1’s abrupt changes to these credits would jeopardize much of this investment, stifle the demand that many companies were counting on, and conflict with the goals of reshoring manufacturing that the Trump Administration has championed. H.R. 1 would weaken our economy, raise utility prices on consumers, and undermine our national security.”

    Since the Inflation Reduction Act of 2022 passed, more than $24 billion in clean energy technology investments have been announced across North Carolina. These announcements include batteries for storage and vehicle applications, solar panels, cells, and wafers, electric vehicle charging stations, transformers, critical minerals, and a wide variety of grid-enhancing products. These businesses already or will soon employ tens of thousands of people, in addition to the more than 100,000 people already employed in North Carolina’s clean energy sector. The U.S. House budget resolution’s repeal of these tax credits would threaten jobs in North Carolina and put billions of dollars in investments at risk. 

    Moreover, H.R. 1 could cause a significant cost in electricity prices for North Carolinians – a more than 13 percent increase for households and a more than 20 percent increase for businesses. In total, if these tax credits were repealed, an average North Carolina family could expect to pay $200 more per year to power their homes. 

    Read Governor Stein’s letter calling for the US Senate to protect IRA tax credits here.  

    Jun 11, 2025

    MIL OSI USA News –

  • MIL-OSI USA: GOP bill seeks to ban and deport visa holders who support Hamas amid wave of antisemitic violence in America

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    Originally Published in Fox News on June 11, 2025.

    FIRST ON FOX: New legislation would broadly ban any visa holders who support Hamas or other designated terror groups from remaining in the U.S. 

    The Terrorist Inadmissibility Codification Act, led by Rep. August Pfluger, R-Texas, expands current law under the Immigration and Nationality Act to ban any members of Hamas, Hezbollah, al Qaeda, ISIS and Palestine Islamic Jihad from entering or remaining in the U.S. – in addition to anyone who endorses or espouses the activity of these groups. 

    “There is no place in America for foreign adversaries or terrorist sympathizers. As our nation faces a disturbing rise in antisemitic and illegal alien terror attacks, along with increasing pro-Hamas sentiment on our college campuses,” Pfluger said in a statement. “We must take action to ensure our borders are secure from those wishing harm against Americans.”

    The bill comes after a wave of antisemitic attacks in light of Israel’s offensive campaign in Gaza that followed Hamas’ Oct. 7 attacks. 

    The Trump administration has started revoking student visas of those who engage in pro-Gaza protest activity. The State Department paused new student visa interviews late last month while it restructures the vetting process. 

    The Immigration and Nationality Act already bars individuals who engage in terrorist activity, are members of designated Foreign Terrorist Organizations or who provide material support to such groups. However, much of this is interpreted on a case-by-case basis, often requiring evidentiary thresholds such as proof of direct involvement or financial or material aid. It is subject to the whims of administrative designations. 

    The Terrorist Inadmissibility Codification Act seeks to broaden these standards by codifying that mere endorsement or espousal of terrorist groups’ ideology could be grounds for inadmissibility or deportation. 

    This could signal a shift from conduct-based immigration enforcement to speech- or association-based scrutiny: even those who are not formal members of foreign terrorist organizations could have their speech scrutinized for support of such groups. 

    An attack in Boulder, Colorado, on June 1 on a group gathered to raise awareness about hostages gathered in Gaza was the latest in a string of violence believed to be antisemitic in nature. 

    The suspect, Mohammed Sabry Soliman, told police he wanted to “kill all Zionist people” and is accused of throwing Molotov cocktails at demonstrators. 

    In May, a young Washington, D.C., couple was killed outside the Capital Jewish Museum by a suspect who shouted “free Palestine” following the shooting.

    MIL OSI USA News –

  • MIL-OSI USA: At Hearing, Cortez Masto Calls out Trump Administration and Republican Colleagues for Pushing Ahead with Misguided Public Land Sales in Nevada Without Consultation

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Senator Cortez Masto pressed Secretary Burgum for answers about the potential for Senate version of the Republican Tax Bill to include almost 2 million acres of federal land for sale

    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) questioned Secretary of the Interior Doug Burgum at a Senate Energy and Natural Resources Committee hearing about the administration’s involvement in potential provisions in the Senate Republican’s reconciliation bill that would add back in misguided public land sales in Nevada and across the West.

    Senator Cortez Masto highlighted the bipartisan support for the Southern Nevada Public Land Management Act (SNPLMA), which includes robust stakeholder engagement, and touted it as a model for effective federal land management that ensures the benefits of any land transfers return directly to the state of Nevada. Secretary Burgum himself discussed the importance of a comprehensive process like SNPLMA as a model for federal land sales earlier in the hearing.

    “You talk about the benefits [of this model], but in action you’re not doing it,” she said. “In fact, on the House side – and I’m assuming they worked with the administration –  their reconciliation package included federal land sales…that weren’t even near areas where you could actually do affordable housing.” She pointed to a map of remote land in Southern Nevada identified for sale in a failed amendment to the House reconciliation bill offered by Representative Mark Amodei (R-Nev.-02). The land is “in the middle of the desert. There’s no infrastructure. I don’t know any builder who is going to build housing in the  middle of the desert, it makes no sense.”

    “And now I’m hearing there is a proposal going to be put back into reconciliation [by the Chairman of this committee, Senator Mike Lee of Utah] to allow the federal government to sell up to 2 million acres of federal land. Is that correct,” she asked.

    Secretary Burgum confirmed that this proposal is under consideration. Despite continued follow-up questions from Senator Cortez Masto, Secretary Burgum could not name any details of this upcoming legislation, nor identify anyone in Nevada who the administration is working with to ensure land sales actually meet the needs of the local communities. He stated he was “not actively engaged” in negotiations.

    “I’m asking you because we have not seen anything,” the senator finished. “The Chairman has [the proposal], it is behind closed doors. I would assume you would be talking…because you’re going to be taking the lead as the lead agency. So if you don’t know, I’m really concerned and we should all be concerned across the west.”

    Senator Cortez Masto is a strong supporter of SNPLMA and will continue to stand up against misguided attempts to include federal land sales in the Republicans’ upcoming tax bill that will only serve to pay for tax cuts for billionaires. Instead, Cortez Masto will continue to push for passage of her Southern Nevada Economic Development and Conservation Act, a years-long effort that includes all necessary stakeholders and will help Clark County grow responsibly, encourage affordable housing, and protect 2 million acres for conservation.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Murkowski Introduce Bipartisan Legislation to Ensure Tax Parity for Tribes & Boost Economic Development in Indian Country

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Lisa Murkowski (R-Alaska) introduced bipartisan legislation to ensure that Tribes receive the same tax benefits and economic development tools as local and state governments. Specifically, this bill will help create good-paying jobs, foster local investment, and support businesses in Indian Country by updating the federal tax code and removing unfair tax burdens on Native American communities.

    “Tribes in Nevada and across the country deserve access to the same tools as state and local governments to strengthen their communities and support their local businesses and services like health, housing, and education,” said Senator Cortez Masto. “Our bill makes commonsense updates to the tax code to ensure fairness, create more good paying jobs, and keep more money in Indian County.”

    “I’m pleased to join Senator Cortez Masto in introducing the Tribal Tax and Investment Reform Act, which aims to fix unfair tax rules that have limited economic growth in Native communities for far too long. By allowing Tribal governments to make better use of housing tax credits, improve the ability to issue tax-exempt bonds and incentivize new investment incentives, we’re opening the door for them to finance more infrastructure projects and promote job growth,” said Senator Murkowski. “I appreciate Senator Cortez Masto’s leadership as we have worked to ensure more Native communities benefit from this bill. Together, we have an opportunity to empower Tribal nations to build stronger, more resilient economies.”

    This bipartisan legislation would create parity between Tribal and state and local governments in the federal tax code by:

    • Updating rules for issuing tax-exempt debt to ensure Tribal governments are treated the same as state and local governments;
    • Ensuring that essential pension and employment benefits are taxed in the same way as benefits from state governments;
    • Ensuring that Tribal General Welfare Benefits are not unfairly categorized as income related to Supplemental Social Income eligibility or benefit amounts;
    • Creating new business opportunities in low-income Tribal communities with a $175 New Markets Tax Credit;
    • Increasing the effectiveness of Tribal Low-Income Housing Tax Credits in Indian Country;
    • Extending and updating the Indian Employment Tax Credit to better serve Tribal families;
    • Allowing Indian Health Service (IHS) professionals to access recruitment and retention tax incentives; and
    • Making it easier for Tribal families to adopt children and for Tribes to enforce child support.

    “Providing for parity and equity among States and Local Governments, and Tribes and ANCs, when it comes to Tax Exempt Bonding for governmental and economic development purposes, as this bill will do if enacted, is long overdue and will be a major stimulator for growth, economic development, and job creation in Indian Country, the areas of our Nation that desperately need it, and will productively use it,” said Old Harbor Native Corporation CEO, Kristina Woolston.

    “The introduction of the Tribal Tax and Investment Reform Act in the Senate is a necessary and overdue effort to modernize the federal tax code in recognition of Tribal sovereignty. The bill reflects decades of Tribal efforts to secure tax parity. It guarantees Tribal governments have equitable access to financial tools, including tax credits and housing incentives, needed to build strong self-determined economies. NAFOA commends the bipartisan leadership behind the legislation, especially Senators Cortez Masto and Murkowski. We urge Congress to act swiftly to ensure that Indian Country is fully included in the nation’s tax and investment framework,” said NAFOA Board President Rodney Butler, Chairman of the Mashantucket Pequot Tribal Nation.

    “We thank Senators Cortez Masto and Murkowski for their consistent engagement with Tribal issues and for leading the bill’s introduction in the Senate. The Tribal Tax and Investment Reform Act takes essential steps to align federal tax policy with Tribal sovereignty by addressing long-standing barriers to capital, workforce, and infrastructure development. As the legislation advances, NAFOA is committed to providing technical expertise that centers the realities of Tribal communities to support its passage,” said NAFOA Executive Director Cory Blankenship, Eastern Band of Cherokee Indians Member.

    You can read the text HERE and a summary of the legislation HERE.

    Senator Cortez Masto is one of the strongest champions for Native American communities in the Senate. In 2020, alongside Senator Murkowski, she passed the bipartisan Not Invisible Act and Savanna’s Act to help address the epidemic of missing, murdered, and trafficked Indigenous women. She has repeatedly called on the administration to do more to address the epidemic of violence against Native women and girls, including securing funding to protect Native communities. She is pushing bipartisan legislation to support Tribal law enforcement and improve public safety in Native communities—one of the recommendations of the Not Invisible commission. Cortez Masto has also helped secure $125 million in additional funding for Tribes and urban Indian health organizations within the Substance Abuse and Mental Health Services Administration to address the mental health needs of Native communities. She has also introduced legislation to help make it easier for IHS to recruit and retain doctors and to address health disparities for Native Americans in urban areas.

    MIL OSI USA News –

  • MIL-OSI USA: During hearing with Treasury Secretary, Kelly highlights importance of passing “One Big Beautiful Bill”

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — During a Ways & Means Committee hearing featuring U.S. Treasury Secretary Scott Bessent on Wednesday in Washington, U.S. Rep. Mike Kelly (R-PA) highlighted the importance of passing the “One Big Beautiful Bill Act” in order to avoid a tax increase on American families and small businesses.

    “Current tax rates are set to expire at the end of the year. If we don’t pass the One Big Beautiful Bill Act, hardworking American taxpayers would see their taxes increase. We cannot let that happen,” said Rep. Kelly. “This legislation makes tax cuts permanent and creates much-needed certainty for American families and small businesses.”

    “The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum. The legislation is squarely aimed at boosting the working and middle class and reinvigorating American manufacturing,” said Sec. Bessent in prepared remarks.

    You can watch a clip of Rep. Kelly’s exchange with Sec. Bessent here.

    BACKGROUND

    The One Big Beautiful Bill Act makes permanent the successful 2017 Trump tax cuts and includes critical pro-growth policies that will cut taxes by an additional $1,300 for a family of four and deliver higher wages and incomes for millions of Americans. A recent report from the Council of Economic Advisers shows the legislation will produce up to $13,300 more in take-home pay for a typical family and up to $11,600 more in wages for American workers.

    The One, Big, Beautiful Bill Is Pro-Growth Tax Policy
    Permanent extension of the Trump tax cuts, alongside additional pro-growth policies, will fuel a resurgence in economic growth:

    • America’s real gross domestic product (GDP) to increase by an estimated 5.2 percent over the next four years and 3.5 percent in the long term.
    • 9.8 to 14.5 percent boost in investment in the next four years and a 4.9 to 7.5 percent boost in long-term investment.
    • 6.6 to 7.4 million full-time jobs saved or created in the next four years and 4.2 million saved or created in the long term.

    FACT SHEET: The One, Big, Beautiful Bill Fuels America’s Economic Growth

    The One, Big, Beautiful Bill Makes Families & Workers Thrive Again

    • Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike.
    • Saves the average American family from a $1,700 tax hike – the equivalent of 9 weeks of groceries.
    • Delivers an additional $1,300 tax cut for the average American family.
      — Delivers up to $11,600 in higher wages per worker.
      — Delivers up to $13,300 more in take-home pay for a family with two children.
    • Delivers on President Trump’s priorities of no tax on tips, overtime pay, car loan interest, and tax relief for seniors that will put more money annually in the pockets of millions of Americans:
      — Up to $1,750 for overtime workers.
      — $1,700 for tipped workers.
      — Up to $450 for seniors.
    • Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
    • Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
    • Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
    • Supports working families by expanding access to childcare and making permanent the paid leave tax credit.
    • Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
    • Starts building financial security for America’s children at birth with the creation of new savings accounts.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Ernst Legislation to Stop Billions in Bogus Payments

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – In case you missed it, Senate DOGE Caucus Chair Joni Ernst (R-Iowa) is codifying one of the Department of Government Efficiency’s (DOGE) largest cost savings actions to identify and stop fraudulent and improper payments after more than $160 billion occurred in Fiscal Year 2024.
    The Delivering On Government Efficiency (DOGE) in Spending Act enacts a strict anti-fraud process before the government is allowed to spend a dime to effectively eliminate improper payments and safeguard tax dollars. The bill also requires annual verifications of payment accuracy for ongoing transactions and increases transparency by requiring the public disclosure of every payment on the USASpending.gov website.
    Here is some of the coverage:
    New York Post | GOP senators push to cement core Musk-inspired DOGE savings at Treasury
    “A group of Republican lawmakers is pushing to cement some of the core reforms enacted at the Treasury by President Trump and the Department of Government Efficiency (DOGE).”
    Fox News | DOGE will go on: Hill pork hawk says rooting out government waste will continue after Elon
    “The bill’s name also signaled that the Senate, too, would continue its Musk-inspired work long after the mogul has left.”
    Politico | GOP senators look to codify DOGE operations of Treasury payment systems
    “Congressional DOGE Caucus Chairs Sen. Joni Ernst (R-Iowa) and Rep. Aaron Bean (R-Fla.) will introduce legislation next week to codify changes that the cost-cutting operation once led by Elon Musk made to the Treasury Department’s payments system.”
    Breitbart | Sen. Joni Ernst: Bureaucrats ‘Asleep at the Wheel,’ Let Fraudsters Take $79 Billion in Coronavirus Aid Without Using Basic Safeguard to Prevent Fraud
    “Following the release of the report, Ernst introduced a bill, the DOGE in Spending Act, on Friday that would require basic questions to be asked to eliminate improper payments government-wide.”
    Daily Wire | DOGE Caucus Introduces Bill Aimed At $162 Billion In ‘Improper Payments’
    “The bill comes the same week that the government’s COVID watchdog released a report titled “Pre-Award Vetting Using Data Analytics Could Have Prevented Over $79 Billion in Potentially Fraudulent Pandemic Relief Payments.’”
    Daily Caller | Joni Ernst Introduces First Major DOGE Bill That Could Save Taxpayers
    “The legislation, the Delivering On Government Efficiency (DOGE) in Spending Act, would mandate compliance provisions from a March 25 executive order by President Donald Trump that instituted new procedures to prevent fraudulent payments, including validating recipients of payments and also by coding the payments with information linking them to budget items.”
    Washington Examiner | Congressional DOGE Republicans move to codify protections against fraudulent payments
    “Sen. Joni Ernst (R-IA) and Rep. Aaron Bean (R-FL) introduced the Delivering On Government Efficiency in Spending Act, which would codify reforms by the DOGE, forcing the Treasury Department to implement a new system providing more information for payments.”
    Townhall | Ernst and Bean Unleash DOGE Spending Act to Crack Down on Waste, Support Trump’s Big Beautiful Bill
    “DOGE Caucus Chairs Sen. Joni Ernst and Rep. Aaron Bean (R-FL) are teaming up to introduce a commonsense bill that would codify one of the Department of Government Efficiency’s (DOGE) most significant cost-cutting measures.”
    National Review | Republican Lawmakers Introduce DOGE Legislation to Combat Billions in Wasteful Spending
    “Ernst and Bean’s legislation codifies sections three and four of President Trump’s executive order, “Protecting America’s Bank Account Against Waste, Fraud, and Abuse,” designed for Treasury to verify agency payment information and implement the verification process.”

    MIL OSI USA News –

  • MIL-OSI USA: Grothman Reintroduces Bipartisan Stop the Baseline Bloat Act

    Source: United States House of Representatives – Congressman Glenn Grothman (R-Glenbeulah 6th District Wisconsin)

    Congressmen Glenn Grothman (R-WI), Ed Case (D-HI), Marie Gluesenkamp Perez (D-WA), and Marlin Stutzman (R-IN) have reintroduced the bipartisan Stop the Baseline Bloat Act. This legislation will bring more honesty and transparency to the federal budget process by removing emergency spending from the Congressional Budget Office (CBO) baseline.

    Currently, the CBO includes emergency spending in its annual baseline projections. This practice distorts long-term fiscal projections, skews the baseline budget toward higher spending, and contributes to our nation’s growing debt crisis. This bill ensures emergency spending is treated as temporary and does not artificially raise expectations for future spending.

    The bill has also earned the support of Citizens Against Government Waste, Committee for a Responsible Federal Budget, National Taxpayers Union, and Taxpayers Protection Alliance.

    “The Stop the Baseline Bloat Act will increase transparency between the government and the American people, painting a clear and honest picture of how Washington is spending their hard-eared money,” said Congressman Glenn Grothman. The CBO cannot continue to create a budget baseline that justifies outrageous spending levels. Getting the country’s fiscal house in order starts with an unbiased CBO baseline.”

    The path out of our growing budget crisis starts with accurate and transparent budgets,” said Rep. Ed Case. “A budget that inflates prior year spending to conceal real growth year-to-year is neither accurate nor transparent. Our measure would eliminate these budgetary tricks that conceal our dangerous journey into fiscal irresponsibility.”

    “Taxpayers should not have to spend more because the CBO continually has inaccurate projections for America’s fiscal future,” said Rep. Stutzman. “Emergency spending is supposed to address urgent funding needs with non-permanent spending. Instead, the CBO has chosen to treat emergency spending like regular appropriations, inflating discretionary spending

    “In order to seriously take on our national debt and avoid passing it on to our kids, we need to address budgetary distortions that help politicians justify spending through the roof,” said Rep. Gluesenkamp Perez. “Our bipartisan bill will remove emergency spending from the baseline set by the Congressional Budget Office, creating a more accurate reflection of our annual spending and how we should responsibly budget for the future.”

    “The bipartisan Stop the Baseline Bloat Act would enhance the accuracy of Congressional Budget Office projections by excluding temporary emergency and supplemental spending from the baseline. This commonsense reform would prevent one-time expenditures from inflating long-term spending projections and promote greater fiscal accountability,” said Demian Brady, Vice President of Research at the National Taxpayers Union.

    “TPA is pleased to support Rep. Grothman’s Stop the Baseline Bloat Act. Emergency and supplemental spending are meant to be temporary and should not be embedded into long-term budget projections or inflated year after year. By eliminating this distortion from CBO’s baseline calculations, the bill takes a meaningful step toward reducing federal spending and advancing long-term fiscal discipline,” said David Williams, President of the Taxpayers Protection Alliance.

    “The Stop Baseline Bloat Act would help restore fiscal restraint in the budgeting process by stripping out the cost of emergency and supplemental appropriations from the CBO baseline. As is evident from the designation of their purpose, such legislation is not meant to have a permanent impact on the budget by inflating the amount of future spending,” said Tom Schatz, President of the Council for Citizens Against Government Waste.

    “The Congressional Budget Office’s baseline is filled with distortions, many of which are required by law, that drive spending higher. Rep. Grothman’s Stop the Baseline Bloat Act would help fix this problem by removing the assumption that one-time emergency appropriations are repeated each year in the baseline – a distortion that effectively bakes ‘emergency’ spending into the baseline for future spending,” said Brittany Madni, Executive Vice President of the Economic Policy Innovation Center (EPIC).

    “One-time emergency spending can artificially inflate the baseline produced by the Congressional Budget Office, creating the opportunity for lawmakers to use fake savings as an offset. We appreciate the efforts of Representative Glenn Grothman (R-WI) to improve the budget process and provide greater transparency by removing emergency spending from CBO’s baseline,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.

    “Under current baseline rules, CBO and OMB must assume that emergency spending will increase from its prior year level by an amount equal to inflation.  Since this may be a one-time outlay, including it this way artificially inflates the baseline, particularly in years with large amounts of emergency spending.  Lower levels of emergency spending in the future would then appear to generate budget savings.  I support removing emergency spending from the CBO baseline as a common-sense solution to this problem,” said Keith Hall, the former Director of the Congressional Budget Office.

    “The Stop the Baseline Bloat Act, recently introduced by Reps. Glenn Grothman (RWI), Ed Case (D-HI), Marie Gluesenkamp Perez (D-WA), and Marlin Stutzman (R-IN), strikes emergency spending from the budget baseline. This change would make CBO’s baseline less biased toward higher spending. The congressional practice of relying on emergency appropriations to fund ongoing issues poses a significant challenge to fiscal responsibility and undermines the integrity of the budget process,” said Romina Boccia and Dominik Lett from Cato Institute.

    Background Information

    Currently, the Congressional Budget Office (CBO) is required to create its baseline budget with the assumption that discretionary spending, including one-time emergency spending, grows each year with inflation.

    This assumption is at odds with OMB’s definition of emergency spending, which is meant exclusively for one-time outlays. Including emergency spending in the baseline distorts the fiscal picture and allows Congress to claim credit for artificial savings.

    Rep. Grothman (R-WI), Rep. Case (D-HI), Rep. Gluesenkamp Perez (D-WA), and Rep. Stutzman (R-IN) will reintroduce the bipartisan Stop the Baseline Bloat Act to remove emergency spending and supplemental appropriations from the CBO baseline. This reform has a history of bipartisan support and was a key piece of the Senate’s 2019 Enzi-Whitehouse budget reform package, the Bipartisan Congressional Budget Reform Act.

    This bill will end a costly distortion in the CBO baseline which artificially bloats the baseline and has led to more red ink.

    Rep. Grothman and Rep. Case introduced a similar version of the bill in April 2024.

    The Stop the Baseline Bloat Act is cosponsored by: Representatives Ben Cline (R-VA), Ralph Norman (R-SC), Adam Gray (D-CA), and Jared Golden (D-ME).

    -30- 

    U.S. Rep. Glenn Grothman (R-Glenbeulah) proudly serves the people of Wisconsin’s 6th Congressional District in the U.S. House of Representatives. 

    MIL OSI USA News –

  • MIL-OSI USA: Welch Introduces Bicameral Bill to Reinstate and Modernize Bicycle Commuter Tax Benefit, Encourage Biking to Work 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Committee on Rural Development, Energy, and Credit, today joined U.S. Senator Alex Padilla (D-Calif.) and U.S. Representative Mike Thompson (D-CA-04) to introduce the Bicycle Commuter Act of 2025, bicameral legislation that would reinstate and expand the Bicycle Benefit Subsidy Program’s non-taxable bicycle commuter benefit to encourage more Americans to bike to work.  
    “The perks of biking to work are tenfold–saving commuters money, providing health benefits, and helping reduce emissions. An increasing number of Vermonters have recognized those benefits, with the number of cycling commuters doubling in the Green Mountain State in the past decade. But there’s more that we can do to strengthen biking infrastructure to help more folks around the country enjoy the advantages of cycling to work,” said Senator Welch. “Our bicameral legislation will reinstate and modernize the bicycling tax benefit to encourage more commuters around the country to get to work by riding a bicycle.” 
    “Biking to work is good for our planet, our health, and our wallets,” said Senator Padilla. “The Bicycle Commuter Act would allow cyclists to take advantage of the same tax benefits that incentivize hardworking Americans to commute via public transit or carpool, while also helping keep our air clean and reduce congestion on our roads. It would also expand these commuter tax benefits to e-bikes, bikeshares, and certain scooters, further encouraging bike ridership and putting money back in the pockets of workers.” 
    “Cycling is efficient, low-cost, and low-impact on our roads and the environment — in other words, it’s good for you and it’s good for our planet. Encouraging people to bike to work just makes sense,” said Rep. Thompson, Co-Chair of the Congressional Bike Caucus. “I’m glad to work with Senators Welch and Padilla on this bicameral legislation restoring and modernizing bike commuters’ tax benefits.” 
    Cities and towns across America are investing in bike and pedestrian-friendly infrastructure to create safer, greener, and more connected communities. In Vermont, nearly 6% of residents walk to work, ranking the Green Mountain State third-highest in the nation for its walk-to-work percentage. The amount of Chittenden County residents that bike to work has doubled since 2010, with the number of statewide cycling commuters in Vermont expected to increase as local trail associations spearhead initiatives that allow Vermonters to bike longer distances to work. According to recent studies, over 60% of Chittenden County residents would walk or bike to work more frequently if safety and accessibility improvements are made. 
    In 2009, Congress created the Bicycle Benefit Subsidy Program to encourage more workers to bike to their jobs by allowing employers to offer a non-taxable reimbursement of up to $20 per month for expenses related to bicycle commuting. However, employees who elected to participate in the program were forced to forfeit other commuter benefits, such as those provided for parking or transit. The non-taxable bicycle commuter benefit was suspended until 2026 by the Tax Cuts and Jobs Act of 2017, eliminating this vital financial incentive for employees who bike to work.  
    The Bicycle Commuter Act of 2025 would modernize the Bicycle Benefit Subsidy Program to ensure cyclists can access pre-tax commuter benefits similar to those available for parking and public transit and allow recipients to claim the bicycle benefit in tandem with other commuter benefits. The bicameral legislation would also allow electric bicycles and bikeshare and scootershare services to be eligible for the benefit. 
    The Bicycle Commuter Act is supported by the Association for Commuter Transportation (ACT), League of American Bicyclists, North American Bikeshare and Scootershare Association, PeopleForBikes, Rails to Trails Conservancy, Safe Routes Partnership, and Sierra Club. 
    “The reintroduction of the Bicycle Commuter Act is an important step toward building a more balanced, multimodal transportation system that supports healthier, more accessible commutes. By recognizing and incentivizing active transportation, Congress is helping to reduce congestion and improve quality of life for millions of commuters. ACT applauds Senator Welch and Representative Thompson’s leadership and commitment to a future where every journey can be a better one,” said David Straus, Executive Director, Association for Commuter Transportation (ACT).  
    “The League of American Bicyclists applauds Senator Peter Welch and Representative Mike Thompson for their efforts to put money back in commuters’ pockets by introducing the Bicycle Commuter Act,” said Bill Nesper, Executive Director, League of American Bicyclists. “The Bicycle Commuter Act would give bike commuters the same tax benefit that drivers and transit riders already receive. Americans have the freedom to commute to work however we choose and we should all get the same tax benefits on our chosen commutes to work. By incentivizing bike commuting, Congress can help reduce traffic on the roads, give parity to our commuter tax system, and ensure everyone gets home safely.”    
    “We are thrilled to see the introduction of the Bicycle Commuter Act, which would include bikeshare and scootershare among the transportation-related benefits that employers can provide,” said Sam Herr, Executive Director, North American Bikeshare & Scootershare Association. “We thank Senator Welch and Representative Thompson for their leadership on this important legislation that helps to support employee travel choices and options.” 
    “Americans deserve the choice to pick which way they want to get to work, and bike commuting saves money and gives access to jobs,” said Jenn Dice, President and CEO, PeopleForBikes. “The Bicycle Commuter Act expands choices and opportunities for everyone by giving people who commute by bike the same tax benefits that car and transit commuters already enjoy. More people are using bikes to get to work, which brings significant economic and health benefits to local communities.” 
    “We applaud and thank Senator Welch for his sponsorship of this important legislation to restore bicycle commuter benefits, demonstrating, alongside his longstanding support of the Recreational Trails Program, the importance of bicycling as a way for people across the country to get around their communities,” said Kevin Mills, Vice President for Policy, Rails to Trails Conservancy. “His leadership will bring meaningful financial benefit to those who commute by bike and have negligible impact on the tax revenue stream to the federal government.” 
    “Safe Routes Partnership applauds Senator Welch’s leadership in introducing the Bicycle Commuter Act. Any action that incentivizes people to get around via active transportation—like biking—helps build healthier, safer, and more connected communities. This legislation is an important step toward making it easier for more people to choose biking as a safe and convenient way to get to work,” said Marisa Jones, Managing Director, Safe Routes Partnership. 
    “While many employees enjoy a commuter tax benefit for parking and transit, this does not extend to biking. The Sierra Club is proud to support this legislation that would incentivize biking and help improve our health, curb pollution, and reduce dependency on cars,” said Katherine García, Clean Transportation for All Director, Sierra Club. 
    Learn more about the Bicycle Commuter Act. 
    Read and download the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI: Lánasjóður sveitarfélaga – Niðurstaða úr skuldabréfaútboði

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga var með skuldabréfaútboð í flokkunum LSS 39 0303 og LSS151155 þann 11. júní 2025. Uppgjör viðskipta fer fram 16. júní 2025.

    Alls bárust tilboð í LSS 39 0303 að nafnvirði ISK 1.980.000.000 á bilinu 3,84% – 3,9%. Ákveðið var að taka tilboðum að nafnvirði ISK 800.000.000 á ávöxtunarkröfunni 3,84%. Útistandandi fyrir voru ISK 37.962.600.000 að meðtöldum eigin bréfum Lánasjóðsins vegna viðskiptavaktar (ISK 500.000.000). Heildarstærð flokksins er nú ISK 38.762.600.000.

    Alls bárust tilboð í LSS151155 að nafnvirði ISK 400.000.000 á bilinu 3,61% – 3,63%. Ákveðið var að taka tilboðum að nafnvirði ISK 400.000.000 á ávöxtunarkröfunni 3,63%. Útistandandi fyrir voru ISK 35.285.000.000 að meðtöldum eigin bréfum Lánasjóðsins vegna viðskiptavaktar (ISK 440.000.000). Heildarstærð flokksins er nú ISK 35.685.000.000.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network –

  • MIL-OSI USA: Building Affordable Homes in Buffalo

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of the rehabilitation of Ellicott Town Center, a decades-old 281-unit affordable housing development near downtown in the City of Buffalo. Developed by Beacon Communities and First Shiloh Development LLC, an affiliate of the First Shiloh Baptist Church, the project builds on the State’s historic $50 million investment in Buffalo’s East Side. The $71 million rehabilitation also includes 24 units set aside for older New Yorkers. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 11,000 affordable homes in Erie County, including nearly 8,000 in Buffalo. Ellicott Town Center continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

    “The $71 million rehabilitation of Ellicott Town Center demonstrates our commitment to revitalizing the East Side and working with faith-based organizations like the First Shiloh Baptist Church to ensure more individuals and families have access to safe, affordable housing,” Governor Hochul said. “This project preserves 281 homes and continues my administration’s focus on building a stronger, more affordable future for all New Yorkers.”

    Ellicott Town Center includes four high-rise towers which feature 257 affordable apartments originally built in 1958 and called the Ellicott Mall. The development also includes 24 townhome units, originally constructed in 1998, which remain reserved for New Yorkers age 55 and older. All units are affordable to households with incomes at or below 90 percent of the Area Median Income.

    The rehabilitation features both interior and exterior improvements to the buildings, including kitchen and bathroom updates in all apartments, new roofs, windows, siding, sidewalks, and enhanced lighting. The improvements have increased the building’s efficiency and are expected to lead to a 20 percent energy savings.

    Construction at Ellicott Town Center took place in phases, with residents temporarily moved to vacant units during the project.

    State financing for Ellicott Town Center rehabilitation includes support from HCR’s Federal Low-Income Housing Tax Credit Program that generated $31 million in equity, nearly $36 million in tax exempt housing bonds, and nearly $23 million in HCR subsidy. The development also benefits from $300,000 in Clean Energy Initiative, a partnership between HCR and the New York State Energy Research and Development Authority (NYSERDA) that aligns the development and preservation of affordable housing with New York’s affordable and just transition to a clean energy economy.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The $71 million revitalization of Ellicott Town Center not only preserves 281 affordable homes on Buffalo’s East Side, it also transforms underutilized and aging buildings into vibrant, modern homes that will serve this neighborhood for years to come. Thank you to our partners at Beacon Communities and First Shiloh Development LLC for their work on this remarkable development that contributes to Governor Hochul’s vision for a more equitable and sustainable future for Western New York.”

    New York State Energy Research and Development Authority President and CEO Doreen Harris said, “New York continues to transform its aging building stock with the latest clean energy technologies, demonstrating pathways to affordable, modern housing throughout the state. This project maintains the development’s original mission to serve older New Yorkers and invest in Buffalo’s East Side community while allowing current and future residents to benefit from an energy efficient, quality and comfortable living environment.”

    Senator Chuck Schumer said, “Every family in Buffalo deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to rehabilitate nearly 300 homes at Ellicott Town Center on Buffalo’s East Side. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to affordable housing in Buffalo and across Western New York, and I will continue working to deliver federal resources to ensure that every New Yorker has a roof over their heads.”

    State Senator April Baskin said, “Just two years ago, ground was broken on a project designed to ensure access to quality housing on East Eagle Street. Now that concept has come to fruition, allowing older residents to live in safe, sustainable, affordable apartments and townhomes. Thanks to state and federal tax credits, along with the partnership between First Shiloh Development LLC and Beacon Communities, successful projects like the Ellicott Town Center are proof that we will celebrate these victories and never stop addressing the systemic social and economic inequalities that continue to impact this community.”

    Assemblymember Crystal Peoples-Stokes said, “The rehabilitation of Ellicott Town Homes is a substantial commitment from the state towards equity and investment for our seniors and residents of Buffalo’s east side. Modernized, energy-efficient housing ushers in a brighter future for Ellicott Town Homes residents. I thank Governor Hochul, NYS Housing & Community Renewal, First Shiloh Development LLC and Beacon for putting this project together for the benefit of our community.”

    Buffalo Mayor Chris Scanlon said, “As the Mayor of Buffalo, having access to affordable housing is crucial for all City residents. The completion of renovations at the Ellicott Town Center affordable housing complex provides Buffalo seniors and families with a safe, highly efficient, and comfortable living environment. This $71 million rehab and preservation project is another great collaboration between community-based organizations, religious institutions, private sector investments and multiple levels of government support, including the approval of a partial loan forgiveness by The Buffalo Urban Renewal Agency. I’d like to thank Governor Kathy Hochul and all of our partners for their continued commitment to provide affordable housing in East Buffalo.”

    Buffalo Common Council Majority Leader Halton-Pope said, “The rehabilitation of Ellicott Town Center is more than a construction project — it’s a promise kept to the residents of Buffalo’s East Side. By preserving 281 affordable homes, including those for older adults, this investment reinforces our commitment to dignified housing, community stability, and equitable development. I’m especially proud to see faith-based institutions like First Shiloh Baptist Church leading the way in this work, reminding us that progress is strongest when it’s rooted in partnership and purpose.”

    Erie County Executive Mark C. Poloncarz said, “Affordable housing continues to be a critical issue in Erie County, just as it is across America, and the Ellicott Town Center project is an example of how to tackle the issue the right way. These investments build stronger communities, improve residents’ lives, and create better places to live.”

    Beacon Communities CEO Dara Kovel said, “This long-awaited renovation is an investment in the future of the City of Buffalo. Ellicott Town Center will provide residents with the high-quality, affordable, and sustainable housing they deserve so that they may continue to contribute to the vitality of this City. We’re grateful to our partners at First Shiloh Housing Corporations and our public and private sector partners for their vision and commitment to creating housing opportunities for all citizens of New York State.”

    First Shiloh Baptist Church Reverend Dr. Jonathan R. Staples said, “We are thrilled to announce the reopening of Ellicott Town Center, a cornerstone of our mission, to serve our community with compassion and dignity. Since its inception, this project has been a beacon of hope, providing safe and stable housing to those in need. Through the grace of God and the unwavering support of our congregation, partners, and volunteers, we have revitalized this initiative to continue offering refuge, restoration, and renewal. As we reopen our doors, we reaffirm our commitment to fostering a welcoming environment where everyone is valued and uplifted. We invite you to join us in celebrating this milestone and in working together to build a future rooted in faith, community, and love. May this housing program remain a source of strength and support for all who seek shelter and belonging.”

    Governor Hochul’s Housing Agenda

    Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 60,000 homes have been created or preserved to date.

    The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro Housing certification, including Buffalo

    MIL OSI USA News –