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The Spending Bill Clause ‘Critical’ to Jewelers
As part of the trillion-dollar spending bill passed Friday, Congress made permanent legislation that allows retailers to write off store improvements over a 15-year period.
Washington--Congress has made permanent a provision of the tax code that allows retailers to write off improvements to their stores over a 15-year period, a move proponents say will help stimulate cash flow and allow small businesses to make enhancements that help them stay competitive.
The 15-year depreciation on store improvements was included in a package of tax “extenders” that was part of the trillion-dollar spending bill Congress passed Friday.
President Barack Obama is expected to sign the bill into law before Christmas.
Congress originally passed the 15-year depreciation on store improvements as part of a post-9/11 stimulus package. It allowed store improvements and new construction to be depreciated over 15 years instead of 39 years, which was the permanent tax code write-off period.
Since that time, Congress has passed extensions prolonging the lifespan of the clause but only for a year or two at a time.
At the end of 2014, the 15-year depreciation clause officially expired and the tax code reverted to the 39-year clause, which opponents argue unfairly extends the amount of time it takes a business to recoup its investment, hampers cash flow and, potentially, prevents that business from making future improvements.
Among those opponents was Jewelers of America, which fought for more than a decade to extend and make permanent the 15-year provision. The extension, in fact, was one of the main points the association’s political action committee, JAPAC, made when meeting with lawmakers during its annual Washington, D.C. fly-in earlier this year.
On Friday, the association applauded passage of the provision.
“Jewelers of America welcomes the permanent extension of this important depreciation measure,” said JA President and CEO David J. Bonaparte. “It helps jewelers, whether they rent or own their retail space, to update their stores more often to stay competitive.”
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