An HVAC market wholesalers association said it is pleased that the most recent House proposal to overhaul the nation’s tax code includes several provisions favorable to members.
The plan, unveiled Thursday, would cut taxes by $1.5 trillion over a decade, supporters say. It includes several tax expensing proposals sought by the Heating, Air-Conditioning and Refrigeration Distributors International. It cuts the corporate tax rate from 35 percent to 20 percent.
“We are glad to see that this bill is in line with the White House framework from just over a month ago,” said HARDI CEO Talbot Gee. “There are still many details to work out and gain clarity from but we look forward to working with the House and Senate to make sure this opportunity for reform and growth is maximized.”
The House bill would cut federal individual income tax brackets from seven to four, ranging from 12 to just under 40 percent for those earning over $500,000 annually. The proposal eventually eliminates the estate tax, often referred to as a “death tax” by critics, including President Donald Trump. Before phasing it out over six years, the bill doubles the estate tax exemption to $11 million.
Getting rid of the estate tax has been a key priority for HARDI.