Capitol Hill Roundup: NRMCA Updates Key Legislative Issues
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July Legislative Outlook - As August recess approaches, Congress will work through a flurry of appropriations and defense bills in order to get them heard before the fiscal year ends September 30. The House has passed a number of appropriations bills in the past weeks and will hurry to send more to the Senate. Once the Senate passes their version of these bills, the two chambers will appoint representatives to a conference committee and seek to unify the legislation. The most likely scenario is a failure to reach agreement and resort to Continuing Resolutions.
Tax Extenders Package - The Ways and Means Committee passed a tax package that will include extenders of popular business credits, including the energy credit, and may provide a vehicle for NRMCA’s resiliency credits. As passed out of committee, the legislation rolls back many of the provisions of the Trump tax cuts and is a non-starter for House Republicans. The House version currently has no Republican support and the Senate version of the legislation will likely be vastly different, again requiring significant work in conference.
Resilient Construction Tax Credits - NRMCA continues to work with a bipartisan group of U.S. Representatives to reintroduce the Disaster Savings and Resilient Construction Act. In addition, NRMCA has begun working with two Senate offices to get the bill introduced in the Senate. The legislation would provide a tax credit to home and business owners to rebuild after a natural disaster using resilient construction techniques and materials.
Lastly, Sen. Michael Bennet’s (D-CO) office reached out to NRMCA for input and assistance on the SHELTER Act, legislation to provide a tax credit for homeowners who undertake predisaster mitigation projects to secure against the effects of a natural disaster. NRMCA provided feedback and suggested legislative language. The bill was introduced, incorporating some of NRMCA’s input, before the July Fourth recess.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
