Potential Impacts of the Recently Enacted Tax Code Overhaul on the Structural Pest Management Industry
Before the close of 2017, President Donald J. Trump and Congressional Republicans earned a colossal legislative victory. The Tax Cuts and Jobs Act (TCJA), H.R.1, should provide pest management businesses with greater economic benefits and will hopefully return America’s economic growth rate to pre-recession levels. According to the Tax Foundation’s Taxes and Growth Model, the TCJA will significantly lower marginal tax rates and the cost of capital, which would lead to a 1.7% increase in GDP over the long term, 1.5% higher wages, and an additional 339,000 full-time equivalent jobs.
From immediate full expensing of new equipment purchases valued up to $1 million to lowering the corporate and pass-through entity tax rates—the TCJA will no doubt benefit your bottom line and the growth of your business. NPMA’s document explores the provisions of the TCJA that will most likely affect the structural pest management industry and your businesses the most. Click here to view NPMA’s review of the new law.