NRCA leads letter encouraging support for career and technical education funding
Congress currently is writing individual appropriations bills before the government runs out of money at the end of the fiscal year in September. On June 8, NRCA and roofing industry allies sent a letter to congressional leadership encouraging support for robust funding for Perkins Career and Technical Education State Grants.
In recent years, congressional appropriations for CTE have not kept pace with growing demand despite the importance of these programs regarding sustaining economic growth. In fact, the President’s Budget proposal of a $43 million increase in Perkins State Grants currently is estimated to be $320 million lower than the fiscal year 2004 funding level when adjusted for inflation, according to Advance CTE. As such, we urge Congress to give higher priority to investments in this crucial area in the fiscal year 2024 budget. CTE provides access to opportunities for students who want to develop skills, increase their knowledge and contribute to their communities by pursuing a rewarding career.
House Ways and Means Committee passes the American Families and Jobs Act
On June 13, the House Ways and Means Committee considered a flurry of tax bills aimed at lessening the burden on U.S. families and businesses. The American Families and Jobs Act comprises three bills: the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937) and the Build It in America Act (H.R. 3938).
The biggest ticket item for businesses was H.R. 3938, which reinstates the deduction for research and development expenses; extends bonus depreciation; overrides the foreign tax credit regulations in some instances; and fixes section 163 (j) earnings before interest, taxes, depreciation and amortization calculation. This bill also clawed back some tax incentives for green energy production and electric vehicles.
H.R. 3936 renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers). H.R. 3937 would increase the 1099 reporting threshold from $600 to $5,000 and encourages investment in new equipment and production capacity by increasing immediate expensing for small businesses to $2.5 million, thus increasing the amount of nonresidential roof repairs and replacements that can be expensed under the tax code.
House Republicans are hopeful this bill will pass before the August recess while the Senate likely will need to make some changes if the bill is to become law.
Department of Homeland Security reinstates Temporary Protected Status for four countries
On June 13, the Department of Homeland Security announced the rescission of the Trump administration’s terminations of Temporary Protected Status for qualifying individuals from El Salvador, Honduras, Nepal and Nicaragua and also extended TPS for such individuals by 18 months. Under federal law, a country may be designated for TPS because of natural or environmental disasters, armed conflict and other extraordinary conditions. NRCA supports the extension of TPS for countries where conditions warrant, recognizing that failure to do so will exacerbate workforce shortages and cause severe disruption for hardworking individuals and families who have been contributing to the roofing industry for many years. Notices for El Salvador, Honduras, Nepal and Nicaragua have been published in the Federal Register and contain the eligibility criteria and procedures necessary for current beneficiaries to reregister for TPS and renew their Employment Authorization Documents.
