H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, cleared the U.S. House of Representatives by a rare 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. The legislation would provide 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, " These critical tax incentives are vital to the nation's building and construction industry today and in the future."
However, this necessary tax legislation faces some headwinds in the United States Senate. It is a handful of votes short of the 60 votes needed due to widespread by not unanimous GOP Senate stalling efforts. A majority of Senators support passage of this bill. Still, a filibuster threat over H.R. 7024 is delaying its movement to the president's desk.
SMACNA members Should email/call/write to every Senator to PASS H.R. 7024 - 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 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.
