The National Electrical Contractors Association (NECA) released the following statement from CEO John M. Grau in response to the introduction of three bills introduced Sept. 10 that collectively build on the Tax Cuts and Jobs Act:
“The Tax Reform 2.0 package, which would lock in the individual and small business tax cuts enacted late last year, represents a major step forward in securing predictability and a stable economic environment for electrical contractors nationwide. The vast majority of our members, who happen to be organized as S-Corporations under the U.S. tax code, will benefit from this legislation, as it makes permanent the tax rates that would have otherwise expired in a few short years.
“The legislation also includes a signature piece of NECA’s legislative priorities, allowing apprentices the opportunity to utilize 529 college savings funds to help offset costs related to their education as a journeyman apprentice. The ability to utilize these funds has the potential to help thousands of young people looking to build a career in the electrical trades.
“NECA will continue to support this effort in Congress. It will help small businesses around the country become more financially secure and drive innovation in the marketplace.”
ABOUT THE NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION
NECA is the voice of the $160 billion electrical construction industry that brings power, light and communication technology to buildings and communities across the U.S. NECA’s national office and 119 local chapters advance the industry through advocacy, education, research and standards development. For more information about the NECA visit necanet.org/about.