Tax and accounting victories | Capitol HillCraig S. Brightup
On Sept. 30, 2003, Sen. Jim Bunning (R-Ky.), a member of the
U.S. Senate Committee on Finance, introduced S 1679, the Realistic
Roofing Tax Treatment Act of 2003, which would shorten the tax
depreciation schedule for commercial roof systems from the current
39-year schedule to 20 years. Bill co-sponsors are Sens. Saxby
Chambliss (R-Ga.), Jeff Sessions (R-Ala.) and Jim Talent (R-Mo.),
and more are expected to sign on to the bill this year.
In the U.S. House of Representatives, the companion bill, HR
3310, was introduced Oct. 16, 2003, by Rep. Mark Foley (R-Fla.), a
member of the House Committee on Ways and Means. He was joined by
Reps. Spencer Bachus (R-Ala.), Artur Davis (D-Ala.), Phil English
(R-Pa.), J.D. Hayworth (R-Ariz.), Rubén Hinojosa (D-Texas),
Stephanie Tubbs Jones (D-Ohio), Ron Lewis (R-Ky.), Howard "Buck"
McKeon (R-Calif.), Jim Nussle (R-Iowa), Adam Putnam (R-Fla.), Clay
Shaw Jr. (R-Fla.) and Jerry Weller (R-Ill.). Original co-sponsors
also include Reps. Don Manzullo (R-Ill.) and Nydia Velázquez
(D-N.Y.), the chairman and ranking member of the House Committee on
Small Business, respectively. More co-sponsors are expected to add
their names to the bill this year.
The bill's passage would create an economic incentive for
building owners to replace their roof systems more frequently. This
not only would boost business for roofing contractors, but research
performed by Ducker Worldwide, Bloomfield Hills, Mich., and
commissioned by the National Roofing Foundation's The Roofing
Industry Alliance for Progress shows the bill also would create
40,000 new jobs while making buildings more energy-efficient. (Read
"Evidence
of depreciation," November 2003 issue, page 28, to learn about
the Ducker Worldwide study.) It is impossible to say when these
bills will pass, but it would be terrific to get them passed in
this Congress.
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