Congress is considering comprehensive tax reform to lower rates for individuals and businesses and simplify the Internal Revenue Code. The House Small Business Committee held a hearing April 13 to review tax issues, and NRCA Government Relations Committee Chairman Bob Kulp, co-owner of Kulp's of Stratford LLC, Stratford, Wis., testified at the hearing to discuss key tax issues important to the roofing industry.
On the industry's behalf
Kulp began his testimony by noting "unemployment in the construction industry remains at an alarming 20 percent," according to the Bureau of Labor Statistics. He urged Congress to take immediate action on tax reform measures that reduce barriers to economic growth and job creation by simplifying the tax code.
Specifically, Kulp noted NRCA supports depreciation reform for commercial roofs, repealing the 3 percent withholding tax on government contracts and reforming the completed contract method (CCM) of accounting.