CARES Act Provides Immediate Opportunities for Taxpayers

SUMMARY

Based on a technical correction under the new legislation, qualified improvement property (QIP) placed in service in 2018 and after is now 15-year property and is eligible for 100% bonus depreciation, providing many taxpayers with significant tax savings opportunities and incentivizing taxpayers to continue to invest in improvements.

All industries that have constructed QIP can take advantage of this favorable change, but companies within the retail, restaurant and hospitality industries with significant new assets in particular should act quickly.

QIP OVERVIEW

QIP refers to any improvement made by a taxpayer to an interior portion of an existing building that is nonresidential real property (residential rental property is excluded). Examples of such qualifying improvements include include installation or replacement of drywall, ceilings, interior doors, fire protection, mechanical, electrical and plumbing.

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