Congress introduces the two-step ladder—we’re talking funding, not roofs
Congress continues its work to fund the federal government past its current Nov. 17 deadline. Of the 12 bills that fund the government, the House has passed seven while the Senate passed three earlier this month. On Nov. 14, the House passed a two-part “ladder” continuing resolution to extend government funding temporarily to two different deadlines. Four appropriations bills—military construction and veterans affairs; transportation, housing and urban development; agriculture; and energy and water—are extended until Jan. 19; the remaining eight bills are extended until Feb. 2. This resolution passed with a large bipartisan majority in the House and then passed in the Senate Nov. 15; it is expected to be signed into law soon.
NRCA comments on Department of Labor overtime proposed rule
NRCA filed comments on the Department of Labor’s Notice of Proposed Rulemaking to modify the regulations that govern which employees are exempt from receiving overtime compensation under the Fair Labor Standards Act. The proposed rule would increase the minimum annual salary threshold applicable to the FSLA overtime exemption to $55,068 from the current threshold of $35,568—a nearly 55% increase. It also would implement automatic increases to the salary threshold every three years that would be tied to the 35th percentile of weekly earnings of full-time non-hourly employees in the lowest wage region of the U.S. Census. Based on member input, NRCA is concerned the proposed rule would result in substantially increased labor costs and additional compliance burdens for employers while also reducing workplace flexibility and compensation for many employees. NRCA’s comments noted the 55% increase in the FSLA minimum salary threshold for exempt employees is much larger than previous increases. Given members' concerns, NRCA urged the DOL to withdraw the rule or substantially reduce the proposed increase in the minimum salary threshold.
NRCA urges Congress to address permanent solution for “Dreamers”
NRCA joined with other associations and individual businesses in sending a letter to congressional leaders urging action regarding a bipartisan solution for so-called “Dreamers,” individuals who are undocumented because they were brought to the U.S. as minor children. NRCA again is urging Congress to move forward regarding this issue in the wake of a recent decision by a federal appeals court striking down the Deferred Action for Childhood Arrivals program, which provides Dreamers with temporary protection against deportation. The court ruled the executive branch exceeded its authority in establishing the DACA program because only Congress can grant adjustments in immigration status under current law. While the program remains in effect for now, pending appeal of the court’s decision, it is expected the Supreme Court will eventually affirm the decision and end the DACA program. The coalition letter stated enactment of a permanent legislative solution for Dreamers would “strengthen employee retention and productivity, with benefits for themselves, their American colleagues and their employers,” and urged Congress to address the issue expeditiously.
Thank you for supporting ROOFPAC at NRCA’s Fall Committee Meetings in Nashville, Tenn.!
NRCA thanks all who came and enjoyed a lively cocktail reception at the Dogwood Nashville during NRCA’s Fall Committee Meetings. This evening was attended by more than 120 guests and raised over $9,000 to support ROOFPAC, the only PAC dedicated to the roofing industry in Washington, D.C. We thank our sponsoring partner, Holcim, whose portfolio includes Elevate, Duro-Last, Gaco and Malarkey, for helping to make this evening possible. To learn more information about our successes or to contribute to ROOFPAC, please visit www.nrca.net/roofpac.
IRS announces annual inflation adjustments for important tax provisions in 2024
In 2017, the Tax Cuts and Jobs Act expanded the definition of qualified real property eligible for full expensing under Section 179 of the tax code to include improvements to nonresidential roofs. This was a major victory for NRCA because it was the result of years of efforts to educate lawmakers regarding the economic benefits of improved tax treatment of nonresidential roofs.
Recently, the IRS announced its annual inflation adjustments for 2024 for scores of important tax provisions, including section 179. Revenue Procedure 2023-34 provides details regarding these changes. Under Section 179, the IRS updated the maximum amount a business may expense in 2024, indexed for inflation, to $1.22 million, and the phase-out threshold increased to $3.05 million. NRCA members may want to inform existing and potential customers of this favorable tax treatment for nonresidential roofs.
