NLBMDA Applauds Passage of FY 2020
Government Funding Legislation
In December, President Trump signed two bills passed by Congress which fund the federal government through the remainder of fiscal year (FY) 2020. The National Lumber and Building Material Dealers Association (NLBMDA) released the following statement.
“NLBMDA applauds Congress and President Trump for working together to pass legislation that fully funds the
federal government through the end of fiscal year 2020”, said NLBMDA President & CEO Jonathan Paine. We were especially pleased that the package addressed two critical NLBMDA priorities including the extension of key small business tax incentives and the permanent repeal of the health insurance tax. This legislation represents a major grassroots victory for our members who have worked tirelessly to contact their Members of Congress on these important initiatives.”
Tax Extenders
The appropriations package extends a number of tax incentives, known as “tax extenders”, through the end of calendar year 2020. These extenders apply retroactively to 2018 and 2019. Key incentives for the lumber and building material industry include:
- Section 25C Tax Credit
- Section 45L Tax Credit
- Section 179D Energy-Efficient Commercial Buildings Deduction
- Mortgage Insurance Deduction
(Source:NLBMDA Press Release, Dec. 2019 & mountainstatelumber.com, Dec. 2019)
