ST. LOUIS, MO (November 16, 2017) – The Equipment Dealers Association (EDA) welcomes the passage of H.R. 1 by the House earlier today. Several provisions of H.R. 1 are legislative priorities for which EDA has lobbied for many years including:
- Repeal of the Estate Tax.
- Lowered Tax Rates.
- Full preservation of LIFO (Last In, First Out Accounting).
- Increased Section 179 levels.
“Last week, we asked our dealers to call members of Congress and let them know that a business interest limitation was unworkable for our industry. Congress listened to our members and H.R.1, as passed today, contains an exemption from the business interest limitation for businesses which utilize floor plan financing.” said Kim Rominger, President and CEO of EDA. “Our work isn’t done, though,” added Rominger. “The Senate Finance Committee has released its own tax reform proposal. The proposal contains a limitation on business interest. If enacted in its current form, the business interest limitation will have a profoundly negative impact on equipment dealers. We urge our dealers to call their senators and let them know that we need a business interest exemption which is equivalent to the provision passed in H.R. 1.” EDA will continue to monitor tax reform efforts as they progress in the House and Senate and will provide EDA members with updates as they become available.
Founded in 1900, the Equipment Dealers Association (EDA), formerly known as the North American Equipment Dealers Association, is a non-profit trade organization representing 4,500 retail dealers extensively engaged in the sale and service of agricultural, construction, industrial, forestry, outdoor power, lawn and garden, and/or turf equipment. EDA provides essential value to its members by enhancing the dealer-manufacturer relationship and advocating for a positive legislative and regulatory environment. EDA is headquartered in St. Louis, MO and is affiliated with regional associations located throughout the United States and Canada. For additional information, visit www.equipmentdealer.org.