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NRCA Statement on Passage of Tax Cuts and Jobs Act

December 2017

Jim Barr of Barr Roofing Co., Abilene, Texas, Chairman of the Board for the National Roofing Contractors Association (NRCA), issued the following statement regarding Congress' approval of the Tax Cuts and Jobs Act (H.R. 1) Dec. 20:

NRCA has long supported pro-growth tax reform legislation that will enable roofing industry entrepreneurs to start and grow businesses and create more high-paying, family-sustaining jobs. By providing robust incentives for investment through lower tax rates and other efficiencies in the tax code, this legislation will enable employers to reinvest more of their earnings back into their businesses. Ultimately, we believe the bill will boost economic growth within the roofing industry and throughout the broader economy.

NRCA supports H.R. 1 and applauds congressional leaders for their work on this consequential legislation. We are pleased to see the bill is consistent with NRCA's principles for tax reform that we have advocated for during the past several years. It provides lower tax rates for corporations and businesses structured as pass-through entities; doubles the exemption for the death tax, providing relief for many family-owned businesses; allows businesses that use trusts to benefit from tax reform; and improves accounting methods for small businesses. Also, we are especially pleased this legislation expands small-business expensing limits and includes commercial roofs as qualifying property under Section 179—a significant victory for our industry.

NRCA has been active in working with members of Congress during recent months to ensure the final version of tax reform is beneficial for our members. We look forward to continuing to work with Congress and the Trump administration to see that this legislation is properly implemented in the months and years ahead. We will continue working to ensure federal tax policy strengthens the roofing industry and U.S. economy.

Established in 1886, NRCA is one of the nation's oldest trade associations and the voice of professional roofing contractors worldwide. NRCA's 3,600 member companies represent all segments of the roofing industry, including contractors, manufacturers, distributors, consultants and other industry employers in all 50 states. NRCA members are typically small, privately held companies, but our membership includes businesses of all sizes. During peak season, the average member employs 45 people.

For further information, please visit www.finance.senate.gov/taxreform.

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