Bill > HR4212

This bill proposes to permanently extend a tax provision that allows businesses to depreciate, or deduct the cost of, certain improvements over 15 years instead of a longer period. Specifically, it applies to "qualified leasehold improvement property" (improvements made to the interior of a building leased to others), "qualified restaurant property" (improvements to a restaurant building), and "qualified retail improvement property" (improvements to a retail building). The Internal Revenue Code of 1986 is the body of federal tax law that this bill seeks to amend. Currently, this 15-year depreciation period has an expiration date, and this bill aims to remove that expiration, making the shorter depreciation period permanent for property placed in service after December 31, 2013. This change is intended to encourage businesses to invest in and improve leased commercial spaces, restaurants, and retail establishments by providing a more immediate tax benefit.