Legislation Introduced to Clarify Tax Credit for Energy Efficient Roofing

WASHINGTON, April 6 /PRNewswire-USNewswire/ — On March 25, 2010, a bill was introduced in Congress to clarify the homeowner energy-efficiency tax credit for roofing. The bill is a major step in efforts led by the Roof Coatings Manufacturers Association (RCMA) to refine unclear technical language and end confusion within the existing law that has caused the IRS to erroneously declare many asphalt products ineligible for this tax credit for roofing. The bill, S. 3183, was introduced in Congress by Sen. Ron Wyden (D-OR) and Sen. Robert Menendez (D-NJ).

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“This bill is important to homeowners because many have been unable to take advantage of a credit that could save them $1,500.00,” said Jim Baker, Director of Industry Affairs. “This clarification may encourage homeowners to resurface their roofs with asphaltic product, as it’s an affordable option that can help both lower monthly cooling costs as well as extend the lives of older roofs.”

Currently, the law states that “metal roofs with appropriate pigmented coatings” and “asphalt roofs with appropriate cooling granules” that meet Energy Star requirements are eligible for the tax credit. This language has led the IRS to apply the tax credit only to metal roofs with pigmented coatings, and only those asphalt roofs with cooling granules, when, in actuality, asphalt roofing is also commonly surfaced with pigmented coatings.

S. 3183 proposes that Congress add just three words — “or pigmented coatings” — to the existing law to read: “…and asphalt roofs with appropriate cooling granules or pigmented coatings.” This simple change would allow the IRS to revise its interpretation of roofing products that currently qualify for the credit, giving homeowners a much broader selection of options.

Qualified roof products reflect more of the sun’s rays, which can lower roof surface temperatures by up to 100 degrees Fahrenheit and ultimately keep a house cooler. Asphaltic coatings of this type are particularly useful on older historic homes with flat roofs, and these coatings are readily available at big box retailers like Lowe’s and Home Depot and through your local roof contractor.

For more information, please visit the RCMA website at www.roofcoatings.org.

ABOUT RCMA:

The Roof Coatings Manufacturers Association is the national trade association representing the manufacturers of cold-applied coatings and cements used for roofing and waterproofing, as well as the suppliers of products, equipment, and services to and for the industry. Founded in 1983, RCMA is dedicated to advancing product technology and to ensure an ongoing supply of quality energy-efficient materials to meet the needs of consumers, contractors and the environment. Through its foresight, commitment and action, RCMA is now recognized as the premier association in the roof coatings manufacturing and supply industry, with more than 70 member companies.

    Contact:    James Baker, 202-207-0919
                jbaker@kellencompany.com

SOURCE Roof Coatings Manufacturers Association