SILVER SPRING, Md. (PRWEB)
November 21, 2017
The Security Industry Association (SIA) recently led a group of eight industry associations in urging the House and Senate tax writing committees to strengthen business expensing provisions in the final version of tax overhaul legislation under consideration in Congress.
Under current IRS regulations, customers must capitalize the cost of security and life safety systems over the 39-year depreciation life for buildings. The Senate tax bill and S. 1144, the INVEST Act (sponsored by Sen. John Thune, R-S.D.), would allow small- and medium-sized businesses to deduct the total cost as a business expense in the year incurred (up to certain dollar limits), removing a significant tax disincentive to making adopting new and more effective technologies.
In a letter dated Nov. 16, SIA and its partner organizations called for ensuring the final tax overhaul package allows businesses to expense the cost of building improvements in all the categories identified between the House and Senate proposals for “Section 179 expansion”—roofs; heating, ventilation and air-conditioning (HVAC); fire protection and alarm systems; and security systems.
“Expanding Section 179 to include these categories will help businesses make critical building improvements, become more energy efficient and enhance the safety of their patrons and employees, by making it more affordable to modernize and maintain their facilities,” the organizations wrote.
Read the full letter on the SIA website at https://www.securityindustry.org/SiteAssets/GovernmentRelations/Associations-Support-Section-179-Category-Expansion.pdf.
Joining SIA in the letter were seven partner organizations: Air-Conditioning, Heating and Refrigeration Institute (AHRI), Electronic Security Association (ESA), Heating, Air-conditioning and Refrigeration Distributors International (HARDI), National Fire Sprinkler Association (NFSA), National Systems Contractors Association (NSCA), Plumbing-Heating-Cooling Contractors National Association (PHCC), and Polyisocyanurate Insulation Manufacturers Association (PIMA).
About the Security Industry Association
The Security Industry Association (SIA) (http://www.securityindustry.org) is the leading trade association for global security solution providers, with more than 800 innovative member companies representing thousands of security…