SMACNA contractors won a decisive victory when H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, cleared the U.S. House of Representatives by a significant bipartisan margin of 357-70. The bill features several of SMACNA’s highest tax priorities, including retroactively extending provisions for 100 % bonus equipment depreciation, expanding interest deductibility for equipment expensing, and renewing the valued R & D tax development credits. Simply put, the legislation will advance hundreds of billions of dollars in equipment and project related tax credits and deductions for HVAC and related businesses. A White House promise for a quick signature has been guaranteed.
In a statement lauding the House's work, SMACNA CEO Aaron Hilger stated, "At a time when our firms are working on and bidding on the largest projects in the nation, we are now in a stronger position to overcome operational obstacles due to the lapse or reduced value of three key provisions in the tax code directly impacting purchases of advanced technological equipment. These critical tax incentives are vital to the nation's building and construction industry today and in the future."
SMACNA's Hill focus is on the United States Senate, where majority support is in hand but a filibuster threat over H.R. 7024 has created a delay. It is most important for SMACNA members to take action and make your voice heard to your Senators on this vital issue - NOW.
Here are the steps that you can take.
Take Immediate Action: Visit SMACNA's eAdvocacy page.
Voice Your Support: Once there, log in by entering the email address you use for SMACNA-related business on the right-hand side of the page. Next, click the blue "Take Action" button on either the page's top or bottom. You will be directed to a customizable letter template. Please take a moment to personalize this letter, reinforcing the importance of these measures to our industry.
Submit Your Letter:
After editing, click the blue "Go" button at the bottom of the page to send your letter to your Senator.
Your Voice Matters
The passage of H.R. 7024 is crucial for our industry. By restoring the 100% bonus depreciation, extending R&D expense deductions, and enhancing Section 179 expensing, we can boost equipment purchases, increase productivity, alleviate operational challenges, and continue contributing to the nation's currently robust construction sector.
Your participation is vital in this effort. If you have any questions or need further assistance, please do not hesitate to contact SMACNA's Capitol Hill team at advocacy@smacna.org.
