As the U.S. House passed the largest tax reform bill in 30 years Tuesday afternoon, a group of HVAC market equipment manufacturers is hoping the Senate quickly follows suit.
The bill, which cuts the corporate tax rate from 35 percent to 21 percent, boosts the standard individual deduction and restructures taxes for pass-through businesses, passed the House 227-203. It now goes to the Senate, which may vote on it today.
The Air-Conditioning, Heating and Refrigeration Institute, which represents most of the industry’s major HVAC sales equipment makers, cheered its passage.
"Our member manufacturers strongly support Congress' efforts to simplify the tax code and reduce rates," said association President-CEO Stephen Yurek. "AHRI applauds the inclusion of 100 percent bonus depreciation for business purchase of HVACR equipment, a permanent reduction in the corporate rate to 21 percent rate beginning next year, a reduced rate for pass-through entities, repeal of the corporate alternative minimum tax, increased Section 179 expensing for small businesses, and the doubling of the estate tax exemption – all of which will serve to make the U.S. a more competitive place to do business.”
The White House has said it wants a bill on the president’s desk for signing before Christmas.