Help America's Small Businesses
America's Small Businesses
Need Your Help
to Fix the QIP
An error in the tax code has nearly tripled the time small businesses can expense facility improvements. Learn more.
“Qualified improvement property,” or QIP is any improvement to the interior portion of an existing nonresidential building, including restaurant, retail, grocer or other commercial property. Remodeling, installing energy-efficient upgrades, replacing floors or fixtures, or making safety or access upgrades are all examples of QIP improvements.
Due to a drafting error in the Tax Cuts and Jobs Act of 2017, the period over which restaurant owners, retailers, grocers, and other small businesses can expense these facility improvements has nearly tripled – from 15 to 39 years. The error also excludes these improvements from a benefit called bonus depreciation—which intended to allow businesses full deductions of certain investments over a period of time.
Millions of American businesses are dealing with this accounting nightmare.
- More Expensive for Businesses
- Hindering Job Growth
- Discouraging Investment
It’s Time to Fix the Glitch.
This QIP glitch makes it more expensive for retail, grocers and restaurant businesses to renovate and refurbish existing facilities.
Congress and the White House must work together to Fix the Glitch. Tell Congress to pass the Restoring Investment in Improvements Act (S. 803/H.R. 1869) and support QIP reform now.