Congress created the 179D deduction in the Internal Revenue Service Inflation Reduction Act to support businesses working on sustainability in large structures, and the 25C credit to support the average American household.
Historically having a high tax rate on manufacturing relative to the rest of the world, the 2017 tax reforms temporarily stimulated the U.S. manufacturing sector.
After it was announced that the United States would be increasing tariffs on $18 billion of imports from China, including steel and aluminum products, experts are divided on exactly what that will mean for the HVAC industry.
Legislation extends and reforms tax incentives that support the historic demand on the sheet metal industry to purchase expensive, productive new equipment
In a statement from Aaron Hilger, CEO of SMACNA, he called it an "essential piece of legislation that extends and reforms the R&D credit, bonus depreciation and equipment expensing.
Florida Gov. Ron DeSantis vetoed a $5 million grant that was to pay for administering the distribution of $346 million in federal Inflation Reduction Act rebate money in the state.
The IRA is yet another example — along with various local and state rebates, revolving loans, grants, tax credits, etc. — of our country’s steps toward decarbonization through electrification.
While the IRA includes tax incentives and rebate programs that should benefit the HVACR industry, some officials are wary of provisions they say could result in auditing hassles — and perhaps increased expenses — for their membership.
Every state has its own sales tax rules for contractors, and it is imperative your business is familiar with the rules and regulations prior to preparing a bid.