[Washington, DC] – The National Lumber and Building Material Dealers Association President and CEO Michael O’Brien issued the following statement in response to passage of the American Recovery and Reinvestment Act by Congress on February 13:

 

“NLBMDA recognizes the difficult negotiations that resulted in the compromise stimulus legislation that passed both chambers of Congress on Friday.  We are pleased that NLBMDA-supported tax provisions which extend bonus depreciation, Section 179 direct expensing and energy efficient tax credits, among others, were adopted in the final conference report.  However, we are disappointed that Congress did not adopt the more robust $15,000 homebuyer tax credit, limited the application of the net operating loss carryback provision, and rejected an amendment to provide four percent mortgage financing under certain circumstances.

 

As we have stated from the beginning of the discussion on the stimulus, the nation needs an effective plan to address housing to initiate an economic recovery.  Each month that goes by without one will only lead to more job losses, more businesses closing and more homes heading into foreclosure.”

 

NLBMDA Chairman Paul Hylbert added,  “We will continue to work with Congress, the Administration, our housing industry allies and our members to achieve an effective housing recovery plan as soon as possible so that we can develop, once again, a robust and vibrant housing market as a critical element of a strong economy.”     

 

 

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The National Lumber and Building Material Dealers Association (NLBMDA) represents its members in the national public policy arena, with emphasis on efforts to 1) promote the industry and educate legislators and public policy personnel; and 2) assist legislative, regulatory, standard-setting and other government or private bodies in the development of laws, regulations and policies affecting lumber and building material dealers, its customers and suppliers. Founded in 1917, the association has over 6,000 members operating single or multiple lumber yards and component plants serving homebuilders, subcontractors, general contractors, and consumers in the new construction, repair and remodeling of residential and light commercial structures.