The timing couldn’t be better, as a few issues important to contractors and the HVAC industry in general will remain up for negotiation (or in some cases, renegotiation) in the upcoming session of Congress.
ACCA, the Indoor Environment & Energy Efficiency Association, applauds the introduction of bipartisan legislation that would permanently kill the onerous death tax. The Death Tax Repeal Act of 2017 was introduced this week by Sen. John Thune, South Dakota Republican, and by Reps. Kristi Noem, South Dakota Republican, and Sanford Bishop, Georgia Democrat.
Heating, Air-conditioning and Refrigeration Distributors International (HARDI) announced its 2017 initiative to repeal the federal estate tax. This year HARDI members will “Heat Up the Hill” to support South Dakota Republican Sen. John Thune and Rep. Kristi Noem’s Death Tax Repeal Act of 2017, S. 205 and H.R. 631.
Many in the HVAC industry have fought against the Estate Tax for several years, change may finally be on the way in the form of president-elect Donald Trump, who has said from the beginning that he intends to completely repeal the estate tax.
Exiting and succession are not events but complex processes that take time. The exit plan will get the process started, while the succession plan will bring everything together to allow an owner to gracefully exit the business and protect his or her wealth.
This article will address the common confusion found in differentiating a business exit from a business succession. Both are needed to successfully exit a business, unlock trapped wealth, protect one’s legacy, and successfully move the company into the next generation or to an external buyer.
Each day, my goal is to help owners. I do this by speaking to audiences and publishing as many articles as possible to protect them from making the same costly mistakes we did — even though my team was one of the lucky ones that cashed out and successfully passed the baton to our fourth-generation management team.
For small business owners, including many in the HVACR industry, repealing the estate tax — or “death tax,” as it is also called — could have a significant positive impact on those who hope to pass their family businesses onto their descendants.
The House voted to permanently repeal the estate tax. The bipartisan bill, authored by Rep. Kevin Brady, R-Texas, will repeal the estate tax and the generation-skipping transfer (GST) tax for all future transfers.