As Congress prepares for a final vote on a new tax plan, the National Lumber and Building Material Dealers Association (NLBMDA) is urging members to again contact lawmakers and ask that they support provisions that will help the LBM industry, residential housing, and the economy overall.
The House of Representatives is expected to vote on final passage of the Tax Cuts and Jobs Act (H.R. 1) on Dec. 19, and the Senate is expected follow the same day or Dec. 20.
The NLBMDA said it remains concerned about changes made to the state and local tax (SALT) deduction included in the final legislation that would harm individuals living in areas with higher local and state taxes, and make it more difficult for businesses in those areas to retain and attract workers.
The association also said it “strongly supports” several provisions in the bill, including lowering the corporate income tax rate to 21%, and the immediate write-off of capital purchases – excluding land – through 2022.
By contacting lawmakers, the NLBMDA said dealers can ask Congress to “support responsible tax reform that unleashes economic growth and benefits the LBM industry.”