ARLINGTON, Va. — The tax legislation passed by Congress at the end of last week represents a major victory for the HVACR industry, says the Air Conditioning Contractors of America (ACCA), including stimulus provisions long sought by the trade association.
Two of the major provisions in the legislation are in areas that its contractor members have consistently voted among their top ten legislative priorities, says ACCA. First, the bill will increase the maximum dollar amount that can be expensed by a contractor from $25,000 to $100,000 for property placed in service in 2003, 2004, and 2005. This amount, as well as the increased phaseout level of the deductible amount (which doubles to $400,000 for the years in question), will be indexed to inflation.