Inflation Reduction Act
Spray Foam Magazine – Winter 2022 – As we get ready to embark into 2023, there are some updates and opportunities that spray foam contractors should be aware of. As the Executive Director of the SPFA, I’d like to share these with you now to make sure you are leveraging all information and opportunities to ensure that your business is geared up for success in the new year.
Inflation Reduction Act
The first big update that all SPF contractors should know about is the Inflation Reduction Act (IRA), a federal legislation that was recently signed into law and which provides benefits to contractors and their customers. The IRA provides billions of dollars to supplement federal energy efficiency initiatives through tax credits and deductions, as well as rebate, grant and loan programs. In providing energy efficiency incentives for existing and new residential and commercial buildings, IRA benefits homeowners and commercial facility owners. Contractors should take time to educate themselves on the incentives so they can inform customers of the energy efficiency tax rebates available to them. Use these tax incentives when explaining to potential customers one of the many reasons spray foam is an ideal option for them. Visit https://www.sprayfoam.org/2022%20inflation%20reduction%20act for details.
Beyond the Inflation Reduction Act, which is a national legislation, it is key as a working spray foam contractor that you be aware of any potential legislative and regulatory initiatives impacting spray foam in your specific state. SPFA provides updates on these items via its website at https://www.sprayfoam.org/spfadvocacy_alerts and via SPFAdvocacy Alerts. To receive the alerts, you must join the SPFAdvocacy Network, which is easy and free of charge. In addition to keeping you informed of legislative initiatives happening in your area, your joining will give more power to the collective spray foam community and voice, protecting and strengthening our industry’s ability to continue delivering spray foam solutions across the country. Sign up for SPFAdvocacy online at https://mobilize4change.org/aKawZxz. Alternatively, you can also text ‘SPFA’ to 52886 to join.
SPFA Healthcare Protection Plan
In another show of commitment to expanding benefits for its members, SPFA recently introduced the SPFA Health Plan. Available to SPFA members only, the Health Plan is offered in conjunction with Health Cooperative Strategies and World Insurance and is designed to give spray foam professionals access to a high-quality health plan at a reasonable rate, something we’ve consistently heard is harder and harder to find. The Health Plan gives SPFA contractor, supplier and consultant members access to true large group medical benefits at significantly lower costs.
We encourage members to compare their current plans, rates and coverage with the SPFA Health Plan. The deadline for submitting paperwork for 2023 coverage through the SPFA Health Plan is December 15th.
For more information, scan the QR code to the left to visit the SPFA Health Plan webpage:
About the Author:
Rick Duncan Ph.D., P.E is the Executive Director of the Spray Polyurethane Foam Alliance (SPFA), the industry’s leading organization representing contractors, material and equipment manufacturers, distributors and industry consultants.
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