Tax talk heats up
Urging members to make their voice heard on the contentious provisions of the Tax Cuts and Jobs Act, the National Lumber and Building Material Dealers Association gave a mixed review of the tax reform package.
A legislative alert issued by the NLBMDA Thursday morning expressed strong support for part of the plan, and strong opposition to others, especially the proposed changes to the mortgage interest deduction and the state and local tax deductions (SALT).
The NLBMDA is encouraging dealers to tell Congress to “Responsibly reform the tax code."
The NLBMDA’s alert states, in part:
“The bill makes major changes to the mortgage interest deduction by lowering the amount of mortgage debt eligible from $1 million to $500,000. It also eliminates the interest deduction for mortgages on second homes and home equity loan debt, creating an artificial line of demarcation on home prices that could devalue equity for homeowners across the country and destabilize housing markets. At a minimum, any changes should set the cap high enough relative to the cost of living, and be indexed for inflation, so it is fair to households living in higher cost areas.
"NLBMDA is in strong opposition to the proposed SALT deduction changes. It eliminates theitemized deductions for state and local income and sales taxes, but allows individuals to deduct up to $10,000 for property taxes. These changes 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.
"NLBMDA does strongly support several provisions in the legislation, including estate tax repeal, lowering the corporate income tax rate to 20 percent, and the immediate write-off of capital purchases (excluding land) through 2022. The association has been a tireless advocate for repealing the estate tax that is a burden on family-owned businesses, and maintains that making permanent the full expensing of business investments will provide businesses with greater certainty and predictability."
Also Wednesday morning, the California Building Industry Association gave its mixed review. Describing tax reform as “much-needed” and saying it liked the overall direction of the bill, CBIA objected strenuously to the provisions relating to housing.
You can read the CBIA statement here:
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What are your thoughts on the plan to reform taxes? Let us know here.
Poll Results: Here’s what’s boosting business
There are many forces acting on the home improvement industry. First of all, people have to live somewhere. Secondly, the dwellings in which people live get older every day, and are almost always in need of some kind of repair or maintenance.
There are also several types of housing activity that drive sales to hardware stores and building supply dealers. We asked readers to break it down for us. Specificially, we asked: “What type of housing activity is your biggest business booster?”
With just under 60 readers voting at last tally, here are the results:
• 51%, Single-family home construction
• 25%, Remodeling
• 18%, Maintenance and
• 7%, Multi-family home construction
Stanley Black & Decker names first Chief Technical Officer
Stanley Black & Decker has appointed Mark Maybury to the newly created position of chief technology officer.
Maybury joins the organization from The Mitre Corporation, where he held a variety of technology leadership roles for 27 years. In his new role with Stanley Black & Decker, Maybury will form a team to work across the company's businesses and functions to advise management on technological threats and opportunities, as well as provide access to all elements of the global technology ecosystem, the company said.
"Mark is a well-known and highly respected technology leader with an impressive wealth of knowledge and expertise critical to our technological journey," Jim Loree, Stanley Black & Decker president and CEO, said in a statement issued by the New Britain, Conn.-based company. "Our aspiration is to become known as one of the world's leading innovators, and we believe this is a key component of our strategy to achieve the 22/22 vision. As the pace of change continues to accelerate across the continuum of technologies, we are staffing our team with the right talent to navigate the changing world."
Maybury most recently served as vice president of intelligence portfolios and prior to that was Mitre's vice president and chief security officer. He also served as director of the National Cybersecurity Federally Funded Research and Development Center (FFRDC). Before joining MITRE, Maybury served as a U.S. Air Force officer. He later returned to the Air Force as chief scientist from 2010 to 2013 where he advised the Chief of Staff and Secretary of the Air Force on a wide range of scientific and technical issues.
He is currently a member of the Defense Science Board and recently completed multiple years of service on the Air Force Scientific Advisory Board and the Homeland Security Science and Technology Advisory committee. He is a fellow in both the IEEE and the Association for the Advancement of Artificial Intelligence. Maybury has authored or edited 10 books and more than 60 publications.