In my June column, I explained the Realistic Roofing Tax Treatment Act of 2005 (R2T2) would shorten the tax depreciation schedule for nonresidential roof systems from the current 39-year depreciation schedule to a 20-year schedule and that it had been introduced on April 6 as HR 1510 by Rep. Mark Foley (R-Fla.). At the time, the bill had 15 bipartisan co-sponsors, but that number now is 23 and growing every week. Remarkably, 11 are on the House Ways and Means Committee, the committee with control over the bill in the House.
I also indicated a Senate companion bill would be introduced in June and am pleased to report that on June 8, Sen. Jim Bunning (R-Ky.) introduced the Realistic Roofing Tax Treatment Act of 2005 (S 1200).
Original co-sponsors are Sen. Saxby Chambliss (R-Ga.), Sen. Jim DeMint (R-S.C.), Sen. Trent Lott (R-Miss.), Sen. Jeff Sessions (R-Ala.) and Sen. James Talent (R-Mo.), who comprise one-fifth of the Senate. Bunning and Lott are members of the Finance Committee, which is writing the tax title for the Energy Policy Act of 2005. And Bunning and Talent are members of the Energy and Natural Resources Committee, which has jurisdiction over the entire energy bill to be brought to the Senate floor for a vote.