NAIOP is working with a broad coalition of real estate, manufacturing, retail, restaurant, and other organizations to encourage Congress to pass technical corrections legislation remedying the Qualified Improvement Property depreciation period error.
Establishing a reasonable cost recovery period for Qualified Improvement Property (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, for certain real estate firms, 40 years versus the intended 20-year period). Congress should pass legislation that remedies this mistake and restores the original intent of the legislation.
Senior Vice President for Government Affairs
703-904-7100, ext. 115