A group representing manufacturers of HVAC market equipment is supporting the tax reform bill passed by the U.S. House last week.
On a party-line vote of 225-205, the House Thursday approved the Tax Cuts and Jobs Act of 2017. The bill would cut corporate and personal income taxes. It would also repeal the requirement that most Americans have health insurance or pay a fine.
Air-Conditioning, Heating, and Refrigeration Institute President and CEO Stephen Yurek said his group supports many of the bill’s key provisions.
"Our member manufacturers strongly support Congress's efforts to simplify the tax code and reduce rates," Yurek said. "AHRI applauds the inclusion in (the bill) of full and immediate expensing, a permanent reduction in the corporate rate to 20 percent rate, a reduced rate for pass-through entities, repeal of the estate tax, and extension of the tax credit for geothermal HVAC equipment — all of which will serve to make the U.S. a more competitive place to do business."
The bill now moves to the Senate, which has its own tax reform proposal. A date for a vote has not been set, but the White House is pushing for something to reach President Donald Trump’s desk before the end of the year.