Reed touts bill to boost investments in roofing

Rep. Tom Reed (R-N.Y.) recently met with manufacturers, construction workers and business owners to discuss bipartisan legislation he introduced earlier this month to make energy-efficient roofing systems more feasible.

Reed and Rep. Bill Pascrell (D-N.J.) co-sponsored the Roofing Efficiency Jobs Act earlier this month. The measure would align the depreciation period of energy-efficient roofing systems with the lifespan of roofs.

According to estimates, measures to improve the outdated cost-recovery system for roofing projects outlined in the bill would create 40,000 construction and manufacturing jobs.

“It’s common sense to fix the unfair and outdated depreciation schedule for taxpayers so that we’re supporting construction and manufacturing jobs while encouraging energy efficiency,” Reed said. “It doesn’t make sense to put off money-saving upgrades when we can help local businesses replace their roofs sooner with newer, more energy-efficient technology.”

Under current law, the depreciation schedule for commercial roofs is 39 years even though the lifespan of the roofs is 17 years. That gap makes it difficult for businesses to recover investments in roofing systems and to opt for piecemeal repairs rather than full replacement orders.

Under the Roofing Efficiency Jobs Act, the depreciation period would be lowered to 20 years for commercial roofs.

“Our common sense reform cuts down on paperwork and accounting complexities businesses run into when they want to upgrade their roofs but haven’t yet waited the full 39 years,” Reed said. “Caring for our local economy means making it simper for businesses to improve and create jobs. We don’t need an unfair Washington policy complicating progress.”

Evans Roofing Company CEO Bill Fischer said the bill would lead to the creation of thousands of private sector jobs in New York.

“In addition to accelerating economic growth in the construction industry, this legislation will reduce tax and paperwork burdens on many small businesses in New York and across the nation,” Fischer said.

Courtesy of: www.nrca.com