Air Conditioning Contractors of America (ACCA) sent out a call to action to members this week. Please see the message below and send a letter to your representatives today.
On Thursday April 30, the IRS issued guidance that would take away deductions for employers if the ‘expense results in forgiveness’ of a Payroll Protection Program (PPP) loan. This ruling effectively makes PPP funds taxable income by removing deductions and therefore incurring costs that employers would normally not have to pay. The increased tax liability of PPP participants, including many HVACR contractors, comes at a time when so many employers are already experiencing extreme financial hardships.
One of the specific goals of the CARES Act was to make sure that PPP funds would not be considered taxable income. Republican and Democrat lawmakers, including authors of the bipartisan bill, have spoken out against the IRS ruling, stating that was not their intent to increase tax liability, but rather to provide economic relief. If Congress or the IRS do not act quickly and reverse this misguided ruling, it will mean unnecessary financial strain for HVACR contractors who have received forgivable PPP loans.
Send a letter to your representatives in Congress by clicking the link below.
ACCA, Government Relations Representative and Coalitions Manager
From the Office of the Governor: Governor Greg Abbott and the OneStar Foundation announced the Texas COVID Relief Fund, which will provide critical funding and resources to organizations across the state working on the ground to support the economic recovery of local communities. Funds raised will be distributed through grants focused on the areas of community and economic development, healthcare, and education. Funds will also be used to support local priorities and organizations serving the unmet needs of vulnerable populations and underserved communities.
Texas may be in the midst of reopening, but there are still precautions that need to be taken to continue to reduce the spread of COVID-19. Federated Insurance has provided guidance for service contractors at a job site. Click on image below to access the PDF.
Municipal Fees Survey
National disasters may postpone, but don't stop the work of preparing for the future. As you may know, for the past few years TACCA has worked on legislation to help relieve contractors from the financial burden of paying annual registration fees for each city/municipality in which they do business.
We continue to work on our strategy for addressing this issue and we need your help. Would you take 3 minutes to complete this survey to help us gather information about the annual registration fees your business pays each year? The more data we collect, the more helpful it will be when we discuss this issue with legislators and other policy makers.
If you have already taken this survey, which we originally sent out in February - thank you!
Do you have a question about COVID-19 and how it relates to you as a business owner, employer, technician, employee or industry partner? We don't have all the answers, but we would like to help you get them. Send us your questions and we'll do our best to locate the answers you need.
Our mission is to promote quality and professionalism, help our members become more profitable, and enhance the HVAC/R industry's image with the consumer. TACCA is focused on providing information, benefits, education and legislative representation
to our members.