Bill > HR3948

This bill proposes to extend for one additional year a tax provision that allows businesses to recover the cost of certain improvements to leased commercial spaces, restaurants, and retail stores over a 15-year period using a straight-line depreciation method. This provision, found within the Internal Revenue Code of 1986, is specifically being amended to push back the expiration date for these "qualified leasehold improvements," "qualified restaurant buildings and improvements," and "qualified retail improvements" from January 1, 2014, to January 1, 2015, meaning it will apply to property put into service after December 31, 2013. This extension aims to provide continued tax relief for businesses investing in these types of property enhancements.