The Air Conditioning Contractors of America (ACCA) applauded the House and Senate for passing the Tax Cuts and Jobs Act of 2017.
“This is an historic moment for HVAC contractors,” said Paul T. Stalknecht, ACCA president and CEO. “We fought for the past year to ensure that HVAC contractors would benefit from any tax reform legislation that was being considered in Congress. Today, we know that their tax rates are going to be lower and ACCA is proud to have led that fight on behalf of the contracting industry.”
This legislation will benefit heating, ventilation, and air conditioning (HVAC) contractors and their families. Several provisions will impact contracting businesses, including allowing commercial building owners to immediately expense HVAC equipment purchases, reducing tax rates for pass-through business, and doubling the estate tax exemptions through 2025.
Bart James, senior vice president of government relations stated, “The HVAC industry has a lot to be proud of in this legislation, including the HEAT Act provision. In October, ACCA’s board of directors led efforts on Capitol Hill supporting this provision which allows commercial building owners to immediately expense their investments in new HVAC systems, instead of writing them off over a 39-year period. ACCA also advocated for lower rates for pass-through businesses, which was included in the final package. We are proud of our members who spoke up on behalf of the contracting industry.”
“As a contractor and small business owner, I am excited that my taxes will be going down next year. I will have more money to put into my business, creating new opportunities to grow my business and hire more staff. ACCA’s Board of Directors certainly had a positive impact on this legislation by meeting with our members of Congress and representing contractors,” added ACCA board member and chairman of ACCA government relations committee, Dan Weis of Weis Comfort Systems.
Publication date: 12/20/2017