On July 4, the One Big Beautiful Bill Act (H.R. 1) was signed into law by President Trump. H.R. 1 extends and makes permanent many provisions from the Tax Cuts and Jobs Act of 2017, P.L. 115-97, while adding new provisions, including deductions to eliminate income taxes on certain overtime pay while expanding the use of 529 educational savings accounts and the Pell Grant program to training and credentialing. This legislation also contains provisions related to defense, border security and immigration while unfortunately eliminating many clean energy tax incentives. To learn more about how these changes could affect your business, view NRCA’s summary of the major provisions.
We also are pleased to report the final bill does not contain a limitation on the pass-through business state and local tax (SALT) deduction included in an earlier version of the bill, which NRCA strongly opposed because it could have resulted in a net tax increase for most pass-through employers. In June, NRCA joined with other organizations to show support for this action; view the letter.
This bill is overwhelming positive for the roofing industry as several of these expiring tax provisions have been major priorities for NRCA for the past several years, and we are pleased to see the advocacy efforts come to fruition.
