HARDI has applauded the introduction and supports the passage of H.R. 4457, the Section 179d Permanency Act, which would make permanent small business expensing outlined in section 179d of the tax code, and most importantly for the HVACR industry, repeal the exclusion of HVAC units from qualified expenses.
This bipartisan legislation, authored by Rep. Pat Tiberi, R-Ohio, and co-sponsored by Rep. Ron Kind, D-Wisconsin, would reinstate the levels effective during the 2010-2013 tax years allowing taxpayers to expense up to $500,000 of investments in new equipment and property, with the deduction phased out after investments exceed $2 million.