The Air-Conditioning, Heating, and Refrigeration Institute (AHRI), the trade association representing HVACR and water heating manufacturers, today applauded House passage of the Tax Cuts and Jobs Act of 2017 and urged the Senate to follow suit.
"Our member manufacturers strongly support Congress's efforts to simplify the tax code and reduce rates," said AHRI President & CEO Stephen Yurek. "AHRI applauds the inclusion of 100 percent bonus depreciation for business purchase of HVACR equipment, a permanent reduction in the corporate rate to 21 percent rate beginning next year, a reduced rate for pass-through entities, repeal of the corporate alternative minimum tax, increased Section 179 expensing for small businesses, and the doubling of the estate tax exemption – all of which will serve to make the U.S. a more competitive place to do business," he added.
AHRI believes these provisions are all crucial to the continued growth of manufacturing in the United States, and urges the Senate to follow the lead of the House in enacting these substantive reforms that will allow our industry and others to continue to innovate and create jobs.
In reference to provisions purposefully left out of the tax bill, Yurek said, "We look forward to working with Congress next year pass an extension of tax deductions and credits for certain highly energy efficient HVACR products and equipment."
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