Congressional leaders seek to avoid shutdown with another temporary funding bill
Congressional leaders recently reached an agreement regarding a federal government funding level of $1.58 trillion for fiscal year 2024, consistent with the previously passed Fiscal Responsibility Act. However, Congress will need to pass another short-term funding bill to avoid a shutdown of some federal agencies Jan. 19 because of disagreements regarding individual provisions of the funding bills. This legislation would fund portions of the government until March 1 and March 8.
Registration for Roofing Day in D.C. 2024 is open!
Join us April 16-17 in Washington, D.C., for the largest advocacy event dedicated solely to the roofing industry.
Each year, roofing professionals meet with members of Congress on Capitol Hill to discuss the critical issues facing their companies and the roofing industry. Our priority issues this year will focus on solutions to workforce shortages and pro-growth tax reform.
Roofing Day in D.C. features expert speakers and panelists to inform and inspire attendees ahead of meetings with members of Congress and their staffs. As always, attendees will have ample opportunity to network and connect with fellow professionals, and we encourage you to bring key employees to the event. To view our draft itinerary, book your hotel and register, visit www.nrca.net/roofingday.
Bipartisan and bicameral Tax Relief for American Families and Workers Act is announced
On Jan. 16, House Ways and Means Committee Chairman Jason Smith (R-Mo.) and Senate Finance Chairman Ron Wyden (D-Ore.) announced the Tax Relief for American Families and Workers Act, a bipartisan, bicameral tax framework that restores various expired business provisions and provides an enhanced Child Tax Credit, among other items.
This legislation will:
- Expand/restore research and development expensing, interest deductibility and 100% bonus depreciation for qualified property
- Provide an enhanced Child Tax Credit that offers inflation relief and eliminates the penalty for larger families
- Include permanent small-business expensing
- End the Employee Retention Tax Credit program early to pay for the previously listed provisions
Under current law, taxpayers can claim a COVID-related Employee Retention Tax Credit until April 15, 2025. This section bars additional claims after Jan. 31, 2024.
View the committee press release, and a section-by-section breakdown.
ICYMI: Department of Labor publishes final rule on independent contractor status
On Jan. 10, the Department of Labor published a final rule that modifies regulations governing the determination of independent contractor status under the Fair Labor Standards Act. This final rule rescinds an independent contractor standard issued by DOL in 2021 and replaces it with a more complex analysis that uses six factors to determine independent contractor status. DOL officials indicate the new standard is designed to combat misclassification of employees as independent contractors. The final rule will take effect March 11. For more details regarding the final rule, please view our Jan. 16 E-News article.
Support ROOFPAC at NRCA’s annual convention and the 2024 IRE
NRCA and National Women in Roofing will host “An Elegant Extravaganza on the Strip” Feb. 5 from 4:30-6:30 p.m. during NRCA’s 137th Annual Convention and the 2024 International Roofing Expo.® This cocktail reception and live auction will be held at the Eight Lounge located in Resorts World, where guests can bid on vacations, artwork and more. Register for this fun-filled event.
NRCA also will open its popular silent auction Jan. 31 featuring luxury items such as trips, jewelry and electronics to benefit ROOFPAC. Stop by NRCA’s booth, No. 6130, during IRE to view select items, and don’t miss our complimentary bar to close out the auction Feb. 7 from 2-4 p.m. Bids will be placed electronically; attendance at the convention and trade show is not required. NRCA is grateful for many generous sponsors who help underwrite the costs of these events so all proceeds may directly benefit ROOFPAC.
