In late July, NRCA joined a coalition of associations and businesses in the home improvement, roofing and construction industries, led by the co-CEOs of Parsippany, N.J.-based Standard Industries, David Millstone and David Winter, in sending letters to the White House and leaders of the House Ways and Means Committee and Senate Finance Committee urging support for a proposal that would help families make meaningful improvements to their homes.
At the time, Congress was poised to consider a new round of economic recovery and stimulus measures. The proposal supported by the coalition includes a new refundable tax credit covering up to 30% of the cost of qualified home improvements. For example, a homeowner making $6,000 of improvements would receive $1,800 in savings, making it more affordable for those who have deferred maintenance or are experiencing changed living circumstances to make necessary upgrades. In doing so, the proposal would deliver a direct financial benefit to middle-class homeowners while providing a “Main Street” stimulus for the millions of Americans whose livelihoods are tied to the home improvement and construction industries, including roofing contractors, plumbers, electricians and painters. To date, Congress has been unable to pass additional legislation to assist individuals and businesses affected by the COVID-19 pandemic.
“As we have witnessed these past few months, the economic devastation caused by the coronavirus pandemic has been vast, shrinking GDP by five percent in the first quarter and wiping out millions of jobs across the country,” the coalition explained in the letters. “Damage this far-reaching threatens everyone, from homeowners to small business owners and workers across the economic spectrum. Our proposed tax credits serve as an opportunity to counter this devastation, improving individual prosperity and supporting the economic recovery.”
The proposal also includes a provision that would help businesses make upgrades and safely reopen by providing a refundable credit for up to 30% of qualifying business property improvements. Together, the proposed credits would help stimulate the economy and get Americans back to work by investing in homes and businesses across the U.S.
Signatories of the letters to the Trump administration and Congress include the Asphalt Roofing Manufacturers Association, Cellulose Insulation Manufacturers Association, Chemical Fabrics & Film Association, Chicago Roofing Contractors Association, Colorado Roofing Association, EPDM Roofing Association, International Institute of Building Enclosure Consultants, Kansas Roofing Association, Kentucky Roofing Contractors Association, Metal Construction Association, National Insulation Association, North Texas Roofing Contractors Association, Polyisocyanurate Insulation Manufacturers Association, Roofing Contractors Association of Hawaii, Roofing Contractors Association of Washington, Roof Coatings Manufacturers Association and Spray Polyurethane Foam Alliance, among others.