SMACNA Urges Congress to Support Tax Extenders
SMACNA recently encouraged the House and Senate to support passing language to extend expiring tax provisions (“tax extenders”) before the 116th Congress adjourns sine die.
A collection of targeted tax provisions is contained in an extenders package currently set to expire at the end of 2020. Previous lapses of these temporary tax provisions have caused confusion and hardship for the many industry sectors and individuals that utilize these tax incentives. Allowing these tax provisions to lapse at the end of 2020 would undermine their effectiveness, threaten thousands of jobs in the U.S. economy suffering from harsh impact of COVID-19. Further, allowing these targeted tax incentives would cause needless uncertainty for taxpayers at a time when most industry segments and their workforces are coping with severe economic hardship. These measures have a direct impact on hiring, job retention, and business investment in energy efficient buildings. A number of these provisions, including 179D, offer building owners tax incentives to facilitate the retrofitting of existing commercial building indoor air quality ventilation and filtration systems. At a time where commercial buildings need COVID-19 remediation, extending 179D would have a major impact on a commercial construction economy in serious need of recovery.