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COLUMBUS, Ohio — Karen Madonia, chief financial officer of Illco Inc., Aurora Ill., recently spoke at a Capitol Hill press conference to announce the introduction of legislation to repeal the estate tax.
Madonia, co-chair of Heating, Air-conditioning, and Refrigeration Distributors International’s (HARDI) government and trade relations committee, approved of the legislation introduced by Sen. John Thune, R-S.D., and Rep. Kevin Brady, R-Texas, which would fully repeal the estate tax.
During her visit to Washington, Madonia described the many pitfalls that this tax brings to small and family owned businesses, stating that the tax, if implemented as is, could force the affected families to sell portions of their businesses to pay the tax.
“That would mean shutting down branches, laying off workers, or liquidating inventory just to be able to pay a tax bill that only occurred because an owner died,” Madonia said. “Even worse, the company might have to be sold outright.”
Talbot Gee, executive vice president and COO, HARDI, said the estate tax continues to place an undue burden on HVACR businesses.
“A significant portion of our members are family businesses, and they generate an estimated 80 percent of the dollar value of HVACR products sold through distribution,” he said. “Repealing the estate tax to help preserve these businesses remains a top priority for our organization, and we are grateful that HARDI has such an able spokesperson on this issue, like Karen Madonia.”
Publication date: 7/29/2013