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合格的改进财产

Establishing a reasonable cost recovery period for 合格的改进财产 (QIP) has long been a point of bipartisan agreement in Congress. While the Tax Cuts and Jobs Act intended to make permanent a 15-year payback period for these expenditures, an error in the bill instead forces businesses to recover these costs over 39 years (or, 对某些房地产公司, 40 years versus the intended 20-year period). Congress should pass legislation that remedies this mistake and restores the original intent of the legislation.

问题

  • 合格的改进财产 is defined as any improvement to an interior portion of a nonresidential building (excluding an elevator or escalator), changes to the internal structural framework, 或者扩建建筑物. QIP includes leasehold and tenant improvements.
  • These improvements to commercial office and industrial properties, 餐厅, 零售 and other leasehold spaces are often the largest investments made by firms with real property holdings, 之后土地和建筑自己.
  • 国会打算实行永久性的, QIP的折旧期更短, which would reduce the after-tax cost of these improvements, provide added certainty and predictability to encourage long-term investment, and foster job growth and economic opportunity in development, 建筑及其他行业.
  • Because of a drafting error in tax legislation, businesses are now required to write off the cost of these expenditures over a much longer time period, leading to a considerable increase in the after-tax cost of making improvements.
  • The mistake is most accurately characterized as a clerical error, rather than the result of a misguided policy. It has been identified by the 加入t Committee on Taxation as one of only three provisions in the bill that require a true technical correction in order to have the law reflect the intent of lawmakers.
  • Firms nationwide are delaying or even cancelling leasehold renovation projects, 在整个开发过程中产生了连锁反应, 建设, 零售, 饮食业及制造业.
  • 美国.S. Treasury Department has stated that the issue cannot be remedied through regulation or Internal Revenue guidance, 但需要法律上的改变. 因此, Congress should pass technical corrections legislation to address the error and enable businesses to go forward with investment decisions.

状态

两党, bicameral legislation has been introduced which would restore the intent of the Tax Cuts and Jobs Act and apply an appropriate, reasonable cost recovery period to investments in 合格的改进财产. The 恢复改善投资法案(S. 803, H.R. 1869) has received support from dozens of cosponsors on both sides of the aisle, 正在等待批准.

位置

Establishing a reasonable cost recovery period for 合格的改进财产 (QIP) has long been a point of bipartisan agreement in Congress. While the Tax Cuts and Jobs Act intended to make permanent a 15-year payback period for these expenditures, an error in the bill instead forces businesses to recover these costs over 39 years (or, 对某些房地产公司, 40 years versus the intended 20-year period). Congress should pass legislation that remedies this mistake and restores the original intent of the legislation.

谈话要点

  • Commercial real estate businesses rely on certainty in the tax code when making long-term investment decisions, including those involving tenant leasehold improvements and buildouts.
  • Congress sought to incentivize increased capital investment in buildings by making shorter depreciation periods for 合格的改进财产 (QIP) a permanent feature of the tax code rather than through temporary extensions.
  • A drafting error in the 2017 tax bill requires writing off these improvements over a much greater period of time than originally intended, dramatically increasing the after-tax cost of going forward with these projects.
  • Many businesses are delaying investing in building improvement projects until Congress addresses the issue, 伤害就业增长.
  • Congress should pass technical corrections legislation early in 2019 to fix the QIP drafting error, thereby providing certainty and enabling the increased investment and job growth originally intended.

资源

恢复改善投资法案(S. 803, H.R. 1869)

QIP Coalition letter to Treasury Secretary Mnuchin 

QIP Coalition letter to House and Senate leadership 

Senate Democrats letter to Treasury Secretary Mnuchin 

Restoring Investment in Improvements Act one-pager 

旅游及旅游业小组信函(代表. Dina Titus, Gus Bilirakis) letter to House and Senate leadership