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1 Erica York, The Fixtures Fix: Correcting the Drafting Error Involving the Expensing of Qualified Improvement Property 1 (2018)

handle is hein.taxfoundation/fxfixc0001 and id is 1 raw text is: The Fixtures Fix: Correcting the Drafting Error Involving the Expensing of Qualified Improvement Property FISCAL FACT Erica York No. 591 Analyst May 2018 Key Findings * The Tax Cuts and Jobs Act (TCJA) removed investment barriers by allowing businesses to immediately deduct the cost of certain investments under a provision called 100 percent bonus depreciation. * However, seemingly due to legislative oversight, the law accidentally excluded the category of improvement property investment from 100 percent bonus depreciation. As a result, investments of this type face a higher tax burden than under prior law. * More restrictive cost recovery treatment for interior improvements to buildings will increase costs and discourage companies from making these types of investments. * All business expenses should be immediately deductible, including the amount that businesses spend on investment. * Policymakers should work to ensure that cost recovery for qualified improvement property (QIP) does not remain worse off due to technical drafting errors, and that it is eligible for 100 percent bonus depreciation. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. @2018 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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