#2021-19, June 4, 2021

EEOC Releases Updated Vaccination Guidance

Late last week, the Equal Employment Opportunity Commission (EEOC) released an updated question-and-answer document that provides guidance to employers regarding the COVID-19 vaccine.  The updated guidance states that employers may offer an incentive to employees to receive a COVID-19 vaccination.  However, if the employer is administering the vaccine, the incentive may not be “so substantial as to be coercive.”

The new guidance also notes that under the Americans with Disabilities Act, an employer may inquire about or request documentation or other confirmation that an employee obtained a COVID-19 vaccine.  Immunocompromised employees who are fully vaccinated may also be eligible for a reasonable accommodation because of a continuing concern that a heightened risk of severe illness from a COVID-19 infection remains, despite their vaccination status.  In addition, employers must ensure that employees choosing not to receive the vaccine due to pregnancy, are not discriminated against compared to other employees similar in their ability or inability to work.

The Association is currently planning a banker roundtable to discuss member banks’ reopening plans and employment issues related to vaccines, work schedules and other pandemic-related topics.  A program announcement and registration information will be distributed next week.

To read the updated guidance, click here.

Treasury Details Tax Proposals to Fund Proposed Budget

The US Department of the Treasury recently issued the “Green Book” containing details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year. While descriptions of most of the proposals have been included in previously released legislative agendas, Treasury’s Green Book provides more detailed explanations suggests legislative and technical changes.

Specifically, the document notes an increase in the corporate tax rate to 28 percent and an increase in the individual tax rate to 39.6 percent. These changes would be effective after the 2021 tax year. It also includes a book earnings minimum tax, significant changes to international taxation rules and elimination of the capital gains rate preference and step-up in basis at death, excluding $1 million in gains.

The Green Book also contains some details on President Biden’s proposed information reporting expansion for financial institutions.  These proposed requirements apply to all business and personal accounts, including deposit accounts, loans and investment accounts.  According to Treasury, a $600 de minimis gross inflow threshold would apply to reporting, and the agency would have broad authority to issue regulations for the proposed requirements.

To read the Green Book, click here.