NEWS

The bipartisan Solid American Hardwood Tax Credit Act would allow individual taxpayers to include solid American-manufactured hardwood products—such as flooring and paneling—as qualified home energy efficiency improvements under the Energy Efficient Home Improvement Credit.

PHOTO © SHAW

At this writing, the budget reconciliation bill has passed the U.S. House of Representatives. The bill extends provisions of the Tax Cuts and Jobs Act of 2017. As it stands, the bill will allow 100% bonus depreciation through January 1, 2030, and the estate and gift tax exemption amount and the generation-skipping transfer tax exemption would be permanently increased to $15 million.

DHA joined allied organizations in a letter to Congressional leaders opposing the limitation of the business state and local tax deduction (B-SALT). These taxes are not optional for businesses; they are ordinary expenses that a business must pay. To date, these limitations are not included in the House budget reconciliation bill. 

On May 12, the U.S. and China announced a cooling of the ongoing economic dispute by mutually reducing tariffs on goods traded between the two countries for 90 days, with the expectation that negotiations will continue. The U.S. will reduce tariffs on Chinese goods to 30%, down from 145%. China will drop U.S. tariffs from 125% to 10%.

Decorative Hardwoods Association (formerly HPVA) eNews Volume XVIII, Issue X: What You Need To Know About The Budget Reconciliation Bill | DHA Opposes Limit On Business State & Local Tax Deduction | U.S.