Members of Congress have been working for several years to lay the groundwork for passage of comprehensive tax reform legislation. Whether their efforts will succeed in producing a simplified tax code and in lowering tax rates for businesses and individuals likely will be determined during the next few months.
In April, NRCA submitted statements to two House committees outlining its priorities for tax reform as determined by NRCA's Government Relations Committee. The objective of tax reform is to lower rates and simplify the tax code to facilitate the ability of entrepreneurs to grow their businesses and create jobs. To lower rates without adding to annual government budget deficits, it is necessary to reduce or eliminate many of the deductions, credits and other tax expenditures that have been written into the code since tax reform last was enacted in 1986.
NRCA's congressional testimony outlined a number of roofing industry priorities for tax reform legislation.