HARDI urges passage of bill changing tax code
HARDI is cheering committee passage of a bill that amends the U.S. tax code and repeals an exclusion of HVAC construction equipment from qualified business deductions.
Called “America’s Small Business Tax Relief Act of 2014,” the legislation, introduced by U.S. Rep. PatrickTiberi (R-Ohio) and Rep. Ron Kind (D-Wis.), HARDI says it would return deductionlevels to those from2010-2013 tax years, permitting business owners to expense up to $500,000 in new equipment and property.
The deduction will phase out after investments exceed $2 million, and adjust for inflation. It also eliminatesthe $250,000 maximumon 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.“Eliminating the exclusion of HVAC units from (tax code section) 179Dprovides 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 bill was approved by the House Ways and Means Committee May 2. It now moves to the full chamber. A vote date has not been set.