By Dani Sheehan.
In just a few weeks, the National Roofing Contractors Association (NRCA) will convene for Roofing Day in Washington D.C., a critical event where industry leaders come together to advocate for policies that support growth and success in the roofing industry. Among the pressing issues on the agenda is the advocacy for pro-growth tax policies. These policies directly impact the livelihoods of the nearly one million professionals employed in the roofing industry and play a crucial role in maintaining the nation’s infrastructure and affordable housing.
At the heart of the matter is the ability for employers to reinvest in their workforce, businesses and communities. Pro-growth tax policies facilitate this reinvestment, allowing for higher wages, expanded benefits, acquisition of new equipment and vehicles and increased charitable contributions. These investments are not just beneficial for individual businesses but contribute to the overall health of communities and the economy at large.
Support for Main Street Tax Certainty Act: One of the key initiatives the roofing industry is advocating for is the bipartisan Main Street Tax Certainty Act (H.R. 4721/S. 1706). This act seeks to make permanent the Section 199A deduction, which allows owners of sole proprietorships, partnerships and S corporations to deduct up to 20% of their qualified business income. This deduction, set to expire in 2025, provides vital relief for pass-through businesses, ensuring parity in the tax code and preventing them from facing higher tax burdens compared to corporations.
Pass-through businesses, which include many roofing contractors and small businesses, are the lifeblood of the economy. They employ most private sector workers and contribute significantly to local communities. The Section 1999A deduction incentivizes job creation and investment, ensuring that businesses that actively contribute to their communities benefit from tax relief.
American Innovation and R&D Competitiveness Act: In addition to supporting Main Street businesses, the roofing industry is advocating for the bipartisan American Innovation and R&D Competitiveness Act (H.R. 2673/S. 866). This act aims to restore the ability for businesses to immediately deduct their research and development (R&D) expenses. Currently, R&D expenses must be allocated over five years for domestic companies, placing a burden on innovation and hindering the nation’s competitiveness.
For nearly 70 years, the tax code has recognized the importance of research and development by allowing businesses to fully deduct these expenses in the same year. Reversing recent changes and permanently restoring this deduction is crucial for fostering innovation, creating high-paying jobs and maintaining America’s leadership in technology and competition.
We hope to see you standing with us in Washington D.C. this year! As Roofing Day approaches, we are united in our commitment to shaping policies that support growth, innovation and success within the industry.
Learn more about National Roofing Contractors Association (NRCA) in their Coffee Shop Directory or visit www.nrca.net.
About Dani
Dani is a writer for The Coffee Shops and AskARoofer™. When she's not writing or researching, she's teaching yoga classes or exploring new hiking trails.
About the National Roofing Contractors Association (NRCA)
Since 1886, the National Roofing Contractors Association has been the home for generations of entrepreneurial craftsmen and enterprises who shelter and protect America’s families and businesses and each other. Our vision is the recognition of our members as professionals and to unite the industry to that purpose. NRCA is one of the construction industry’s most respected trade associations and the voice of roofing professionals and leading authority in the roofing industry for information, education, technology and advocacy. It represents all segments of the roofing industry, including contractors; manufacturers; distributors; architects; consultants; engineers; building owners; and city, state and government agencies. For information about NRCA and its services and offerings, visit nrca.net.
Comments
Leave a Reply
Have an account? Login to leave a comment!
Sign In