Codes and Regulations
Treasury, IRS to Release Regulations on SALT Workarounds
The Department of Treasury and Internal Revenue Service (IRS) have released Notice 2018-54, which announces their intention to propose regulations addressing state legislative proposals that create a workaround for the newly imposed limits to the state and local tax deduction. In plain language, the IRS is warning taxpayers that just because the state law permits them, it does not make the workaround deductible under federal tax law.
Supreme Court Backs Employers to Uphold Class-Action Waivers
The U.S. Supreme Court on May 21 issued a 5-4 ruling that upheld class-action waivers in arbitration agreements. The decision essentially provides employers the right to insist that labor disputes get resolved on an individual basis instead of allowing workers to band together in class-action lawsuits.
Stay Safe Near Power Lines
May is National Electrical Safety Month, which means it’s time for builders to turn their attention straight up to the power lines that may be near your jobsite. In 2016, 53% of all fatal electrical injuries occurred in the construction industry, according to the, although the figures are not broken down between residential and commercial construction.
FloodSmart.gov is Back in Business
For many years, FloodSmart.gov was a resource for residents, business owners, floodplain managers and others interested learning more about the National Flood Insurance Program. But FEMA was forced to deactivate it shortly after the site experienced security issues in late 2016. Now, it’s back — and even better than the original.
Rising Prices of Lumber and Steel a ‘Terrible Downward Spiral’
Hefty tariffs on Canadian softwood lumber imports are causing lumber prices to skyrocket and making many home builders pray for a prolonged price plateau. Will it be long before more builders start using alternative materials such as steel?
Voting Open Through May 23 on Building Code Proposals
The voting is now open on 17 Assembly Floor Motions from the 2018 Group A Committee Action Hearings that took place in Columbus, Ohio April 15-23. All members of the International Code Council (ICC) can vote on the motions, meaning that any NAHB member who is also a member of the ICC is eligible.
FEMA Unveils Explanatory NFIP Videos
FEMA and the Department of Homeland Security have released a series of videos to explain the changes to the National Flood Insurance program announced last month.
EPA Delays New WOTUS Definitions
The Environmental Protection Agency will wait until August to release its proposed new definitions for “waters of the United States,” which means that the final version won’t be ready until the fall of 2019.
This Week, Builders Stood Down for Safety
“Preventing injury to any of the accounts we insure is as important as protecting our own employees,” said Bill Schaffner, director of risk management at Builders Mutual Insurance Co. “We want to see every worker go home to their families at the end of the day.”
Next Meeting Set for National Green Building Standard
Members of the National Green Building Standard Consensus Committee will meet in Washington, D.C. May 15-17 to discuss proposed changes to the fourth edition of the standard. So far, the standard has been used to certify nearly 140,000 new and remodeled homes and multifamily units.
