Steel Mills
HARDI Applauds House Passage of Small Business Tax Relief Act
Written by Sandy Williams
June 18, 2014
HVAC construction equipment won a victory in the passage of “America’s Small Business Tax Relief Act of 2014.” The House approved the bill that previously excluded HVAC equipment from qualified business deductions.
Under the amendments to the bill, business owners can expense up to $500,000 in new equipment and property, including HVAC equipment. The bill restores the 500,000 cap after it was reduced to $25,000 January 1, 2014. The cap is not only restored but would make it retroactive to January 1 and permanent.
The deduction, intended to help small businesses, phases out when investments exceed $2 million. It also eliminates the $250,000 maximum on real property for qualifying expenses.
“We applaud the efforts of Congressmen Tiberi and Kind,” said Talbot Gee, executive vice president and chief executive officer of the Heating, Air Conditioning and Refrigeration Distributors International (HARDI). “Eliminating the exclusion of HVAC units from (tax code section) 179D provides distributors and the entire HVACR industry with significant opportunity to grow their businesses. Further, this legislation provides all small business owners with the type of certainty that is needed when they consider investments into their companies.”
The victory may be short lived, however, because the Senate and White House do not support the new provisions and the bill is not likely to pass a Senate vote.
Sandy Williams
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