The Mechanical Insulators Labor Management Cooperative Trust (LMCT) looks forward to the Biden Administration delivering on campaign promises to be the most pro-labor administration in decades.
Members of the U.S. House of Representatives have been proposing legislation for years that would provide tax incentives for mechanical insulation improvements.
Last year, the U.S. House of Representatives approved H.R. 2, also known as the Moving Forward Act. This bill contained mechanical insulation tax incentives as part of comprehensive clean energy infrastructure legislation, but the bill was never considered in the Senate.
The Mechanical Insulators LMCT is hopeful mechanical insulation tax incentives will have a chance with the new Biden Administration and Democratic Congress. President Biden and Democratic members of Congress now have their sights set on a significant infrastructure bill. The Mechanical Insulators LMCT is optimistic this will include clean energy incentives as part of promises to combat climate change. At its core, the infrastructure bill is expected to create additional work opportunities for the members of the Insulators Union and our signatory contractors.
In a sign of continued support for mechanical insulation tax incentives, the House Ways and Means Committee is expected to consider the GREEN Act of 2021 (H.R. 848), which includes mechanical insulation incentives (Section 502). It is expected that the GREEN Bill will be added to a larger infrastructure bill several U.S. House Committees are developing. For years, the LMCT has worked with the Insulators Union to promote the inclusion of mechanical insulation tax incentives that can help our nation achieve its energy, economic and environmental goals. Success seems as likely as ever this year.
The mechanical insulation tax incentives contained in the GREEN Bill would provide a credit for up to 10 percent of the labor costs incurred by a taxpayer in installing mechanical insulation properly into any mechanical system that was originally placed in service not less than one year before the date on which such mechanical insulation is properly installed.
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