CONGRESS SHOULD QUICKLY PASS BIPARTISAN LEGISLATION TO SET 15-YEAR TIMELINE FOR DEPRECIATING IMPROVEMENTS TO COMMERCIAL PROPERTIES
Error in 2017 Legislation Set Timeline at 39 Years, Forcing Many Property Owners to Delay or Reconsider Planned Improvements and Putting Future Demand for Construction At Risk
The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in support of the new, bipartisan, Restoring Investment in Improvements Act that is designed to fix a drafting error in the 2017 tax law that set the depreciation schedule for commercial property improvements at 39 years instead of 15:
“Many construction projects are being delayed or reconsidered because of a drafting error that set the wrong timeline for depreciating the cost of commercial property improvements. Fortunately, a bipartisan group of Senators understands the very significant and real threat this error poses to future commercial projects and the overall health of our economy.