Are there any grants, loans, tax breaks, or small business provisions that shops can take advantage of?

Answer

The Tax Cuts and Jobs Act of 2017 offers a few new benefits to businesses for equipment acquisition. The good news is that the Corporate Alternative Minimum Tax (AMT) has been repealed and the Section 179 Deduction, which allows businesses to write off 100 percent of the cost of new and pre-owned equipment in the first year of ownership, has been increased from a $500,000 threshold in 2017 to $1 million in 2018. The law now applies to a broader range of assets such as HVAC, ventilation systems, and security systems.  

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