NEW YORK — Roofing manufacturers joined a coalition of associations and businesses that recently sent letters to the White House, the House Ways and Means Committee and Senate Finance Committee backing a proposal that supports homeowners and the home improvement industry.
As Congress considers a new round of economic recovery and stimulus measures to support Americans during the COVID-19 pandemic, the coalition, led by Standard Industries co-CEOs David Millstone and David Winter, is suggesting a proposal that contains two refundable credits. The credits are designed to deliver a direct financial benefit to middle-class homeowners and stimulate the demand for roofing contractors, plumbers, electricians and others.
The first new refundable tax credit would cover up to 30% of the cost of qualified home improvements. For instance, a homeowner who spends $6,000 on improvements would receive $1,800 in savings. The second provision would help businesses make upgrades and safely reopen by providing a refundable credit for up to 30% of qualifying business property improvements.
The goal of the proposed credits is to ultimately stimulate the economy and get Americans back to work by investing in homes and businesses across the country.
“There is an opportunity here to put money back in the pockets of American homeowners, while supporting millions of jobs in the construction and building materials industries through a refundable tax credit for qualified improvements,” said Jim Schnepper, president of GAF, a member of the coalition. “I’m immensely proud that GAF is supporting this initiative that is bringing together businesses from every sector of our industry to benefit the American homeowner. This couldn’t come at a more pressing time.”
The letters supporting the proposal are co-signed by more than 30 roofing and building companies and associations. The broad coalition is the latest way industry leaders are trying to engage with officials at the state and federal levels across the country on behalf of roofers, said Reid Ribble, CEO of the National Roofing Contractors Association.
“We’re looking at how to use the tax code to reinvigorate the roofing industry by creating tax incentives for consumers at the residential and commercial level to do construction work during this (pandemic),” Ribble told RC.
He said that supporting construction work is a way to give the U.S. economy a much-needed boost. There is an estimated 10 million workers tied to the home improvement sector and the roofing industry alone is responsible for employing 1 million Americans.
“We want to make sure that policymakers are aware of what the roofing industry is involved in, how important it is, and how good policy can help the economy grow. We also want them to be aware of what can negatively affect us,” said Ribble, who served three terms in the U.S. House of Representatives.
In June, a coalition of leading roofing industry associations launched the “Back to Work on American Roofs” initiative, which recommends policies that would reward businesses that hire unemployed Americans, provide incentives for people to invest in home or business improvement projects, and create additional funding programs under the CARES Act for businesses.
Signatories of the letters to the administration and Congress include: Standard Industries, the NRCA, Asphalt Roofing Manufacturers Association, Atlas Roofing Corporation, Beacon Building Products, Building Suppliers Corporation, Cellulose Insulation Manufacturers Association, Chemical Fabrics & Film Association, Chicago Roofing Contractors Association, Colorado Roofing Association, EPDM Roofing Association, Firestone Building Products, GAF, International Institute of Building Enclosure Consultants, Johns Manville, Kansas Roofing Association, Kentucky Roofing Contractors Association, Metal Construction Association, Mid-States Asphalt, National Insulation Association, North Texas Roofing Contractors Association, Owens Corning, Polyisocyanurate Insulation Manufacturers Association, Roofing Contractors Association of Hawaii, Roofing Contractors Association of Washington, Roof Coatings Manufacturers Association, SPRI, SOPREMA, Spray Polyurethane Foam Alliance, SRS Distribution, TAMKO Building Products LLC, Tarco Roofing, and US GreenFiber LLC.