It’s hard to believe it’s been a year since Donald Trump became president. Over the course of the year, Trump has proposed and instituted many reforms, some of which have had an impact on the HVACR industry – for the good and the bad. Here’s a look at the HVAC industry after a year under Trump:
- Tax reform has been accomplished
- Inclusion of industry-endorsed HVAC Expensing and Technology Act provisions (full, immediate expensing of qualified HVAC products)
- Improvement on the treatment of pass-through entities
- Preservation of “last-in, first-out” accounting
- Repeal of the alternative minimum tax
- Progress toward repeal of the estate tax
- The tax reform bill did not fully repeal the estate tax, but instead doubled the exemption threshold to $11.2 million for individuals and $22.4 million per couple. There should never be an acceptable threshold for the estate tax. The long-term goal is and has always been for full repeal. Moreover, most of the tax reform provisions for individuals, including the increased estate tax exemption, currently have expiration dates. There needs to be a push to make these provisions permanent.
- The Air-Conditioning, Heating, and Refrigeration Institute (AHRI) has warned that tariffs on steel and aluminium will negatively impact the HVACR industry. In a letter to US President, Donald Trump, AHRI said it was disappointed by the decision to introduce a proposed 25 per cent levy on all steel imports and 10 per cent levy on aluminum. AHRI president and CEO Stephen Yurek, said it will be injurious rather than helpful to members of the group, which represent manufacturers of heating, air conditioning, commercial refrigeration, and water heating products and equipment in the US.
FIELDBOSS is a member of HRAI and IHACI and a proud supporter of the HVACR industry. FIELDBOSS stays current on industry trends to keep you informed on what’s happening in the HVACR world. Read our blog and sign up for our newsletter for all the latest news.
#HEATAct #HVACReforms #TaxRepeal