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QIP Coalition Letter To Sec MnuchinIRSREG1043971 8.pdf

qip-coalition-letter-to-sec-mnuchinirsreg10439718.pdf

🔗 Source: naiop.org

📊 Size: 3.95 MB

👤 Author: kjensen

⬇️ Downloads: 108

Summary

The undersigned companies and associations are commenting on the IRS's proposed regulations on Internal Revenue Code § 168(k), urging the IRS to issue interim guidance on drafting errors in the Tax Cuts and Jobs Act regarding depreciation of qualified improvement property (QIP). They argue that Congress intended to assign QIP a 15-year MACRS recovery period and a 20-year ADS recovery period, and that without guidance, businesses will be worse off from a cash flow and tax exposure perspective. The errors are having negative consequences, including significant cash flow disruptions, delays in store and restaurant remodeling projects, loss of construction jobs, and less investment in energy-efficient QIP products. The companies and associations urge the IRS to quickly provide guidance clarifying that IRS enforcement of these QIP provisions will follow Congressional intent.

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Description

The undersigned companies and associations are commenting on the IRS's proposed regulations on Internal Revenue Code § 168(k), urging the IRS to issue interim...

Technical Information

File Format: PDF
File Size: 3.95 MB
Pages: 18
Language: EN
Author: kjensen
Total Downloads: 108
Last Updated: 4 weeks ago

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