Republicans released an outline of their tax reform plan, which includes several provisions advocated by National Ground Water Association members during the 2017 Groundwater Fly-In earlier this year. The plan would provide several tax breaks targeting small businesses—repeal of the estate tax, capping small business taxes at 25%, and immediate expensing for five years.
However, the plan did not include ways to pay for the tax breaks, which will be critical in the viability of the plan moving forward. In addition, the investment tax credit for installation of geothermal heat pumps was not included in the framework.
Comprehensive tax reform, though, would likely include several provisions that would improve the business climate for water well system professionals.