What a difference a year makes. Actually, things have not changed at all. When the Air-Conditioning, Heating & Refrigeration Institute (AHRI) met for their annual meeting last year it was just a few weeks after Donald Trump had won the presidential election. Combine that with a Republican-led House and Senate, and the attendees at the meeting were excited about the upcoming political climate.
They were not quite sure what direction the administration would go, but they certainly thought it would be more business friendly.
That same group ironically met at the Miami Trump Doral Hotel and were having similar conversations a few weeks ago. While things have loosened up on the regulatory front, not much else has been moved forward. The repeal and replace of the Affordable Care Act did not get done, and now all attention is focused on a new tax plan.
AHRI members were excited about this. In addition to the geothermal tax credits, manufacturers were pleased the initial drafts included a provision where HVAC products would be eligible for the immediate expensing of capital improvements. This would allow business owners to replace old, less efficient equipment with newer models and expense it in the first year of service. And, of course, AHRI is excited that the corporate tax rate will be reduced.
This still needs to be put to a vote, so they are not across the goal line yet. But if it does, the administration might have the momentum to get additional items accomplished that will please the business community.
And, maybe at the next AHRI Annual Meeting the members will be talking about what has been accomplished rather than what has been promised.
Publication date: 11/27/2017