Bill > S749

This bill proposes to permanently extend a tax provision that allows businesses to recover the cost of certain improvements over 15 years, rather than a longer period, which is known as the "recovery period" for depreciation. Specifically, it applies to "qualified leasehold improvement property" (improvements made to a leased space), "qualified restaurant property" (improvements to restaurant buildings), and "qualified retail improvement property" (improvements to retail buildings). The Internal Revenue Code of 1986, which governs federal taxes, currently has a temporary provision that allows for this 15-year recovery period, but this bill aims to make that treatment permanent, meaning it will not expire. This change is intended to encourage businesses to invest in and improve their leased spaces, restaurants, and retail establishments by providing a more immediate tax benefit through accelerated depreciation.