b'Business ManagementTax Cuts and Jobs Act of 2017: New Tax Reform Has Major Effect on Roofing IndustryJames P. BolandMRCA Director and Chairman of the Business Management CommitteeT he roofing industry, and a few other trades, recently benefited greatly from the Tax Cuts and Jobs Act of 2017 that was signed into law by Donald Trump on December 22nd, 2017. The tax reform applicable to us relates to Section 179 of the Federal Tax Code. Section 179 allows a taxpayer to immediately expense the cost of a qualifying property in the year it is placed in service, as opposed to capitalizing the cost of the qualifying property and depreciating over a period of time.Although there are a few changes to Section 179, there is one change in particular that effects us the most, and that is the definition of qualifying property.In the past, roof replacements were not included in the definition of qualifying property, and thus the cost of a new roof had to be capitalized and depreciated.According to the National Association of Tax Professionals, the definition of Section 179 qualifying property, has been expanded to include the following improvements to non-residential real property: roofs; heating, ventilation,Experienced Counsel and and air-conditioning property; fire protection and alarm systems; and security systems. Determined ProfessionalsThis slight change in the definition of qualifying property looks to be a major economic boom for the roofing industry. Furthermore, the tax reform also increased the SectionAttorneys 179 expensing limits to $1,000,000 from $500,000, andOSHA Defense You Can the phase-out threshold was increased to $2,500,000. Workers Comp Defense Rely On for Being a fellow roofing contractor and MRCA member,Labor & EmploymentEffective I know how rewarding and yet challenging our industryLawcan be, thus making this tax reform a welcome andConstruction Law Representationappreciated change. Business Law To read more about these types of issues and othersLitigation Stephen A. Watringrelating to the business management side of the roofing industry, please stay tuned to future issues of the MRGary W. AumanMagazine, and please save the date and plan to attendWilliam H. Barney, IIIthe MRCA Conference and Expo in Omaha, NebraskaRichard L. Carr, Jr.on October 24-26, 2018. The 2018MRCA ConferenceDonald B. Rineerand Expo is shaping up to be a cant miss event withAmy C. Mitchellmany great educational seminars! Douglas S. JenksAbigail K. WhiteDavid M. Rickert937-223-6003 Matthew J. Bakotaamfdayton.comwww.mrca.orgMidwest Roofer 15'