We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.

logo
  • Engineers & Specifiers
  • Contractors & Installers
  • Wholesalers & Distributors
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Free Subscription
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • PRODUCTS
    • Bath & Kitchen
    • Fire Protection
    • HVAC
    • Hydronics/Radiant
    • Plumbing
    • PVF
    • Tools
  • PROJECTS
    • Commercial
    • Green Building
    • MRO/Retrofit
    • Remodeling
    • Residential
  • HOW TO
    • Design
    • Fire Protection
    • Legal Matters
    • Management
  • BUSINESS
    • Buying Groups
    • Technology
    • Associations
  • CODES & STANDARDS
    • ANSI
    • ASHRAE
    • ASSE
    • Regulations
    • Green Building
    • IAPMO
    • ICC
    • NFPA
  • RESOURCES
    • Media Kit
    • Advertise
    • Contact Us
    • Classifieds
    • Digital Editions
    • Behind the Wall
    • Webinars
  • BUYER'S GUIDE
  • DIGITAL EDITIONS
Home » ASA Part of Coalition Urging for Acceleration of Business Tax Credit Usage Coming Out of Pandemic

ASA Part of Coalition Urging for Acceleration of Business Tax Credit Usage Coming Out of Pandemic

July 1, 2020
No Comments
ACCA Opposes IRS Taxation of Payroll Protection Program Funds

The American Supply Association (ASA), whose members conduct business throughout the plumbing, heating, cooling, pipe and industrial pipe, valves and fittings supply chain, is part of a coalition urging federal officials to accelerate the usage of general business tax credits.

In a letter to Senate Finance Committee Chair Chuck Grassley (R-Iowa), House Ways and Means Committee Chair Richard Neal (D-Massachusetts), Senate Finance Committee Ranking Member Ron Wyden (D-Oregon) and House Ways and Means Committee Ranking Member Kevin Brady (R-Texas), ASA and its coalition partners explain that current law can prevent companies from fully utilizing general business tax credits, which include more than two dozen provisions, such as the R&D tax credit, work opportunity tax credit and renewable energy tax credits.

Moreover, the coalition notes the economic downturn wrought by the pandemic is likely to reduce taxable income, further reducing the utility of these incentives.

Accordingly, by amending Section 38 of the Internal Revenue Code to temporarily make these credits refundable on an elective basis, the coalition explains, struggling companies will have immediate access to a source of liquidity that can help provide increased cash flow to support operations, including rehiring workers. As these credits can ultimately be used in future years, this proposal merely accelerates their use to provide relief during this crisis, the coalition adds.

While the country begins to reopen, the need for liquidity remains as urgent as ever, the coalition adds. By temporarily giving companies the option to monetize their general business credits, Congress can help ensure that the recovery is as strong as possible, it notes.

Associations Business HVAC Industry Community News Plumbing PVF Wholesalers & Distributors COVID-19 Industry Announcements
  • Related Articles

    ASA Part of Coalition Urging Congress to Enact Pandemic-Related Liability Relief Legislation

    ASA Part of Coalition Supporting Colorado HB 1358 Pending Language Clarification

    ASA Hosts Webinar Series How to Keep 'Family' Part of the Family Business

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular

  • GE Appliances Opens $70 Million High-Tech Water Heater Manufacturing Plant in Camden, South Carolina

  • ‘Three-quarters of our work is steam. We never leave Brooklyn.’

  • Women in PHCP 2022

  • 2022 Boiler Report: Focus on Meeting Demand

Featured Video

Bradley video

Bradley Industrial Solutions

Industry Events

  • 23May

    Eastern Energy Expo

    Uncasville, CT
  • 06Jun

    NFPA Conference & Expo 2022

    Boston , MA
  • 07Jun

    2022 NCWA Convention

    Columbus, OH
More Events

Subscribe to our newsletters & stay updated

Subscribe & Learn More

  • Tw05 2022 cover
    Learn More
  • Pe05 2022 cover
    Learn More
  • Phc05 2022 cover
    Learn More
  • Es07 2020
    Learn More
Subscribe

More from PHCP Pros

  • Editorial Team
  • Home
  • Contact Us
  • About
  • Advertise

Follow Us

© 2022 All Rights Reserved

Design, CMS, Hosting & Web Development | ePublishing