Congressman introduces legislation to increase limitations on expensing under section 179
On May 25, Rep. Blake Moore (R-Utah) introduced H.R. 3661, the Small Business Growth Act, to increase the limitations on expensing of depreciable business assets. Currently, Section 179 of the Internal Revenue Code allows small businesses to deduct the full purchase price of qualifying equipment. Under the Tax Cut and Jobs Act, the deduction cap was lifted to $1 million, adjusted for inflation, to spur economic growth. The Small Business Growth Act will lift the cap to $2 million with a phaseout threshold of $3.5 million. Doubling the amount that can be expensed under Section 179 will reduce the tax bill for small businesses seeking to purchase nonresidential roofs, farming equipment, office furniture, manufacturing tools, machinery and commercial vehicles, allowing businesses to allocate more of their resources toward growth-inducing activities.
NRCA comments on Biden administration regulatory proposal
NRCA joined with allied business groups in submitting comments to the Office of Information and Regulatory Affairs that oppose a Biden administration proposal to reform the federal regulatory process. In April, President Biden issued an Executive Order, “Modernizing Regulatory Review,” which proposes major changes to the process under which most federal regulations are developed. As currently written, the Biden Executive Order would substantially reduce the number of proposed regulations subject to cost-benefit analysis, a key aspect of ensuring regulations don’t have unintended effects on businesses and the economy. The order also proposes revisions that regulatory experts fear would result in reduced transparency and fewer opportunities for private sector stakeholders to provide input to agencies in the development of regulations. The comments from NRCA and other business groups outline these concerns in detail regarding the Executive Order and urge that it and related proposals be withdrawn. NRCA will continue working to ensure the federal regulatory process provides maximum opportunities for transparency, accountability and private sector input.
Rep. Beth Van Duyne announces August job fair in Dallas suburbs
Rep. Beth Van Duyne (R-Texas), a ROOFPAC-supported member, is planning to hold a job fair in Texas’s 24th Congressional District Aug. 7. Van Duyne’s district covers much of the suburban area between Fort Worth, Texas, and Dallas and centers along the Dallas-Tarrant County line. If you would like to participate as an employer, please complete this short survey, and do not hesitate to reach out to DMazol@nrca.net with any questions.
