SMACNA won a decisive victory last week 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, sponsored by House Ways and Means Committee Chairman Jason Smith (R-MO), features several SMACNA priorities, including extending and reforming the research and development tax credit, the extension of 100 % bonus depreciation and expanding and interest deductibility for small business equipment expensing.
In a statement lauding the House’s work, SMACNA CEO Aaron Hilger stated, “At a time when our firms are working on and bidding 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 of vital importance to the nation’s building and construction industry today and in the future.”
SMACNA’s focus now shifts to the United States Senate, where H.R. 7024 is currently under consideration. In a statement of support transmitted to the Senate, Stan Kolbe, SMACNA’s Executive Director for Government and Political Affairs reiterated Hilger’s sentiments on the need to pass this legislation, “we need your support for renewing and extending the R & D credits, 100% bonus depreciation and 179 equipment expensing reform. Due to the rapid expansion of the mega projects, our contractors have seen an historic demand to purchase extremely expensive but highly productive new equipment to meet extraordinary project demands.
Take a moment to read SMACNA’s statement to the United States Senate urging passage of H.R. 7024.