FOR IMMEDIATE RELEASE:

Contact: Anthony Lagunzad, HARDI Public Affairs Specialist

Email: alagunzad@hardinet.org

Direct: 614.345.4328 x119

 

WASHINGTON, DC April 29, 2017 – Heating, Air-conditioning & Refrigeration Distributors International (HARDI) applauds bipartisan and bicameral legislation recently introduced this past month to Congress regarding S corporation rules updates.

 

“Upward of 65 percent of HARDI’s wholesale distributor members are pass-through entities,” said HARDI Vice President of Government Affairs Jon Melchi. “This is such an encouraging piece of bipartisan legislation amid all the polarizing rhetoric coming out of Washington. The S Corporation Modernization Act will bring this important issue to the table as Congress heads into tax reform deliberations in the coming months.”

 

Sens. John Thune (R-SD) and Ben Cardin (D-MD) are cosponsoring the Senate bill, S. 711, and Reps. Dave Reichert (R-WA) and Ron Kind (D-WI) are cosponsoring the House version, H.R. 1696.

 

There are more than 4.5 million S corporations nationwide. They are in every community and every industry and they employ one out of every four private sector workers.

 

The S Corporation Modernization Act would ensure the continued success of these businesses by:

 

– Increasing their access to capital by reducing S corporation ownership restrictions;

 

– Easing punitive restrictions that apply to converted S corporations and punish the unwary; and

 

– Leveling the rules of S corporations and partnerships when their assets are passed on from one generation to the next.

 

For more information, please contact Anthony Lagunzad at alagunzad@hardinet.org.

 

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