An HVAC wholesaler group is celebrating passage of the largest overhaul of America’s tax code in 30 years.
The bill heading to President Donald Trump’s desk will slash corporate tax rates, reduce most individual tax brackets and restructures taxes for pass-through businesses.
Officials with the Heating, Air-conditioning and Refrigeration Distributors International said they were pleased provisions from the HVAC Expensing and Technology Act the association had supported, along with progress toward permanent repeal of the estate tax, made it into the final bill.
“This new tax structure is going to give a big boost to HARDI members,” said group CEO Talbot Gee. “Along with the tax cuts in this package, there are some great specific provisions for our industry, such as full, immediate expensing of qualified HVAC equipment.”
Palmer Schoening, HARDI’s vice president of government affairs, said members have been lobbying for many of the items in the bill for a long time.
“Plain and simple, this is a big win for HARDI members that has been a long time in the making," Schoening said. "But at the same time, the fight goes on even with this win. We aim to keep up pressure towards full estate tax repeal and trying to achieve permanence with these new rates going forward.”
Next year will be critical, he added.
"We look forward to leading the HARDI membership through this important upcoming midterm election year," Schoening said. "Our next congressional fly-in this May will be a crucial one, and we encourage HARDI members to continue staying engaged with their representatives and making their voice heard in Washington."