What Effect does the Economic Recovery Act Have on HVAC?
in Green Buildings & Green Technology, HVAC
Contracting Business magazine, “the leading business-to-business magazine for commercial, residential, and industrial contractors in the heating, ventilation, air conditioning and refrigeration industries,” is featuring a pair of excellent articles that highlight aspects of the American Recovery and Reinvestment Act of 2009 (ARRA) that can have a direct impact on the HVAC industry.
In “Stimulus Bill Provisions that Impact HVAC Industry” (April 21), Michael A. Bohinc, a CPA in Cleveland, Ohio, details eight provisions that can impact the bottom line and financial practices of HVAC-related businesses.
These include:
- Energy Tax Credits
- Making Work Pay Credit
- Bonus Depreciation
- I.R.C. Section 179 Expense
- Net Operating Loss (NOL) Deduction
- S Corporation Built-In Gains
- Estimated Tax Payments
- COBRA Medical Coverage
In “Stimulus Package: What’s In It for You and Your Customers?” the magazine points out that ARRA “provides tax credits for homeowners who have energy-efficient or alternative energy equipment installed in their homes. For commercial HVAC contractors, ARRA provides billions of dollars to fund a wide variety of state and federal construction projects and renewable energy projects.” It then offers a list of these credits and incentives.
We recommend reading both articles to see if they describe something that you and your business can take advantage of.
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