NRCA leadership arrives in Washington, D.C., to discuss supply chain disruptions
NRCA CEO Reid Ribble, NRCA Chairman of the Board Rod Petrick and NRCA Chairman of the Board-Elect Kyle Thomas will lead meetings this week with senior officials at the Department of Commerce and the Environmental Protection Agency to discuss supply chain challenges within the roofing industry. These meetings are the result of an appeal to President Biden’s administration for assistance with increasing the speed and capacity at U.S. ports, a swift restart of production located in disaster areas and other assistance that may be identified within individual agencies and the president’s newly created Supply Chain Disruptions Task Force.
Can you believe this happened?
On Oct. 12, 197 members of the House of Representatives registered to vote by proxy to raise the debt ceiling. This means 45.6% of members certified in writing they were “unable to physically attend proceedings in the House Chamber due to the ongoing public health emergency.” You can track active proxy voting to see what your representative does in real time. The Senate does not allow proxy voting.
Legislative highlight: Promoting Opportunities in Skilled Trades Act
In August, with the endorsement of NRCA, Reps. Lisa McClain (R-Mich.) and Chrissy Houlahan (D-Pa.) introduced the bipartisan Promoting Opportunities in Skilled Trades Act, which would allow for existing funding through the Perkins Grant program to promote skilled trades programs to prospective employees and students. This important legislation will help provide increased visibility for skilled trades and educate people regarding these family-sustaining careers.
Deep dive: Keeping your taxes low by protecting the 199A business deduction
Did you know about 75% of NRCA members are incorporated as pass-through entities and can take advantage of the 199A qualified business income tax deduction that passed as part of the Tax Cuts and Jobs Act of 2017? NRCA continues to advocate for making this 20% deduction permanent by supporting the bipartisan Main Street Tax Certainty Act. This deduction means more resources to grow your business and spend on retention and recruitment for a skilled workforce.
Unfortunately, some members of Congress believe this deduction should be eliminated for many businesses. Sen. Ron Wyden (D-Ore.) has introduced legislation to phase out this deduction for income exceeding $400,000, and various House proposals contain similar language, including a draconian change to taxes for businesses held in trusts. Notably, these changes were not included in the White House’s initial proposals, but administration officials have declared everything is on the table.
This deduction was enacted in 2017 in an attempt to provide parity to the rate reductions C Corporations received in the law. Experts report current proposals in Congress place a C Corporation’s rate at 26.5% and a pass-through entity or small-business rate at 46.4%. NRCA has joined dozens of meetings with key legislators to ensure pro-growth tax policy for its members, and you can help by sending a letter to your member of Congress opposing these harmful tax increases using the NRCA Action Alert: Urge your members of Congress to stand strong and oppose historic tax hikes.