By Karen L. Edwards, RCS Editor.
Standard Industries, the parent company of GAF, is proposing that the federal government consider a 30 percent federal tax credit for the cost of improvements to residential and commercial buildings. National Roofing Contractors Association (NRCA) said they believe that the “proposal could be particularly beneficial to the roofing and construction industries to the extent that the COVID-19 pandemic continues to put pressure on homeowners and commercial building owners to delay and cancel construction projects in the medium and long-term.”
The construction industry employs 10 million workers and generates $450 billion in wages every year. The proposed 30 percent tax credits would deliver urgently needed relief to the industry and to the workers whose livelihood is tied to the construction industry.
An overview of the issue provided by Standard Industries shares that homes represent 50 percent of total household assets in the United States and 65 percent of Americans are homeowners. Many residential projects have been delayed or stopped due to the impacts of the COVID-19 crisis. With record unemployment, owners are reluctant to undertake home improvement projects. The proposal overview states that "helping Americans make needed and valuable repairs to their homes is more important than ever.”
Businesses are also being forced to make changes in order to follow recommended Centers for Disease Control guidelines in order to open and operate safely. It’s more important than ever that Americans feel they have a safe home and a secure job that is following social distancing and has implemented to needed safety improvements.
A letter being sent to key members of Congress along with President Trump, says that “proposed tax credits serve as an opportunity to counter this devastation, improving individual prosperity and supporting the economic recovery.”
Standard Industries along with the following industry organizations have signed the letter:
Atlas Roofing Corporation
Building Suppliers Corporation
Cellulose Insulation Manufacturers Association
Chemical Fabrics & Film Association
EPDM Roofing Association
Firestone Building Products
International Institute of Building Enclosure Consultants
Kansas Roofing Association
Kentucky Roofing Contractors Association
Metal Construction Association
National Insulation Association
Roofing Contractors Association of Hawaii
Spray Polyurethane Foam Alliance
US GreenFiber LLC
It is our hope at RCS that our administration steps up to support this proposed legislation. If you want to make a difference, reach out to your representatives in Congress to share your concerns.
View the complete letter to the president here.