Spray Foam Professional - Winter 2012 - (Page 15)

LEGISLATIVE UPDATE THE BRIGHTUP WRITE-UP… BRINGING THE BELTWAY TO YOU BY CRAIG BRIGHTUP, THE BRIGHTUP GROUP LLC PROSPECTS FOR ENERGY-EFFICIENCY INCENTIVES are on the Ways and Means Committee’s Subcommittee on Select Revenue Measures, which has jurisdiction over tax extenders. Furthermore, their bill would discontinue the current roofi ng language and plug in product-neutral roofi ng criteria. Specifically, H.R. 6398 would extend the credit at its 2011 levels (10% of qualified improvement costs up to $500) for 2012 and 2013, and starting in 2014 the credit would increase to 10% up to $1,000. Importantly, the bill includes new roofi ng criteria and labor costs for exterior improvements, but these would not go into effect until 2014. However, the new criteria’s effective date could be moved up as the legislative process continues and it’s significant that it made the cut in bipartisan House legislation. The House Subcommittee on Select Revenue Measures has been reviewing tax extenders and held hearings this year. Chairman Pat Tiberi (R-OH-12) has indicated the subcommittee will assemble its extenders package during the lame duck session and that it will ultimately be linked to H.R. 8 (the Job Protection and Recession Prevention Act of 2012), to extend all the Bush-era tax rates for an additional year. If such an approach is enacted, it would set the stage for congressional action next year on tax reform that is expected to feature a debate on whether to swap out tax extenders, including energy-efficiency credits, for lower corporate rates. o Craig Brightup is chief executive officer of The Brightup Group LLC, a government relations firm in Washington, D.C. He has provided services for 15 different organizations since 2009, including the U.S. Chamber of Commerce and National Roofing Contractors Association. A s the 112th Congress meets in a lame-duck session to deal with major tax and budget issues before the end of the year, the future of energyefficiency incentives is in flux. This fi nal session must address Bush-era tax rates that expire Dec. 31, renew the annual “patch” on the alternative minimum tax that otherwise would hit middle-class taxpayers, and renew the annual “doc fi x” to restore full Medicare physician payments. It also must address dozens of tax credits that either expired at the end Importantly, the bill includes new roofing criteria and labor costs for exterior improvements, but these would not go into effect until 2014.” of 2011 or will expire Dec. 31 that are called “tax extenders.” Two credits that expired at the end of 2011 are the homeowner energy-efficiency tax credit (IRC Sec. 25C) and energy-efficient new home tax credit (IRC Sec. 45L). In August, the Senate Finance Committee approved the Family Business Tax Cut Certainty Act, which would extend 25C and 45L as written for 2011 through 2013 (retroactive to Jan. 1, 2012.) However, the Residential Energy Efficient Tax Credit Coalition, to which SPFA belongs, advocates replacing 25C’s flawed roofi ng language with productneutral roofi ng criteria and, fortunately, legislation has been introduced in the House that would accomplish this goal. On Sept. 13, Reps. Jim Gerlach (R-PA-6) and Richard Neal (D-MA-2) introduced the Home Energy Savings Act of 2012, H.R. 6398, to permanently extend 25C. Both www.sprayfoam.org | SPRAYFOAM PROFESSIONAL 15 http://www.sprayfoam.org

Table of Contents for the Digital Edition of Spray Foam Professional - Winter 2012

EXECUTIVE DIRECTOR’S CORNER
PRESIDENT’S POST
FOAM BUSINESS NEWS
SPFA TODAY
SAFETY FIRST
LEGISLATIVE UPDATE
SPFA CONVENTION & EXPO
ANATOMY OF A CERTIFICATION PROGRAM
LIFE CYCLE ASSESSMENT SUMMARY
ASK THE EXPERT
UPCOMING EVENTS
INDEX OF ADVERTISERS

Spray Foam Professional - Winter 2012

http://www.nxtbook.com/nxtbooks/naylor/SPFQ0113
http://www.nxtbook.com/nxtbooks/naylor/SPFQ0412
http://www.nxtbook.com/nxtbooks/naylor/SPFQ0312
http://www.nxtbook.com/nxtbooks/naylor/SPFQ0212
http://www.nxtbookMEDIA.com