NRCA applauds the House Ways and Means Committee for introducing tax legislation that enhances the 199A Qualified Business Income Deduction and the Estate Tax exemption while making both provisions permanent. In addition to these key priorities, we commend the committee for restoring immediate research and development expensing, 100% bonus depreciation and increasing the 179 small business expensing threshold from $1 million to $2.5 million.
This vital bill strengthens and makes several key tax provisions permanent that support the roofing industry. These provisions are particularly critical for main street, family-owned and pass-through entities that represent 95% of all U.S. businesses and employ the majority of private-sector workers.
Key provisions include:
- Section 199A deduction increased from 20% to 23% and made permanent, providing lasting relief for pass-through businesses
- Estate tax exemption increased to $15 million and made permanent, protecting family businesses from generation to generation
- Restoration of research and development deduction so businesses can immediately deduct the cost of their U.S.-based research and development investments
- 100% bonus depreciation: Restore full and immediate expensing for investments in machines, equipment and vehicles
- Section 179 cap on expensing for nonresidential real property raised from $1 million to $2.5 million
“Without passage of this legislation, our industry will face rising tax burdens and diminished competitiveness,” says NRCA CEO McKay Daniels. “Congress must act now to secure a stable future for America’s job creators.”
