Summary: To amend the Internal Revenue Code of 1986 to restore incentives for investments in qualified improvement property. Cosponsors (Bipartisan)
ANGIE CRAIG’S POSITION: Representative Craig cosponsored the bill on 8/06/19.
STATUS: Introduced 3/26/19 by Rep. Panetta, Jimmy [D-CA-20] .
INFORMATION RELATED TO THE BILL:
- “The loss of immediate expensing has hurt many of our family-owned small businesses that are critical to the success of our Central Coast economies and communities,” said Congressman Panetta. “The Restoring Investment in Improvements Act fixes that problem, known as the “retail glitch,” by restoring the 15-year schedule for Qualified Improvement Property (QIP) and make these improvements eligible for immediate expensing as was originally intended. Our bill will allow restaurants, retailers, and other businesses to make the improvements they need to keep their stores competitive and safe and plan for the future.” (Source: Rep. Panetta, Press Release, 3/26/19)
- The Retail Industry Leaders Association (RILA) has joined 850 national organizations in urging Congress to co-sponsor the Restoring Investment in Improvements Act. The bipartisan, bicameral legislation would spur job creation and investment by restoring a 15-year depreciation recovery period for qualified improvement property (QIP). (Source: Progressive Grocer)