Momentum Builds Towards Congressional Technical Correction of QIP Class Life
The status of Qualified Improvement Property (QIP) under the Tax Cuts and Jobs Act (TCJA) has been an unresolved issue since the TCJA was passed, and taxpayers have long been hoping for an update. Momentum is beginning to build towards the long-awaited Congressional technical correction. On 3/14/19, U.S. Senators Pat Toomey (R-Pa.) and Doug Jones (D-Ala.) introduced the Restoring Investments in Improvements Act (RIIA), which would firmly establish the recovery period of QIP as 15-year MACRS class life. As currently written, this bill would enact a retroactive extension through 2019. This bipartisan legislation is supported by a number of national organizations, including the Building Owners and Managers Association, the International Council of Shopping Centers, the National Retail Federation, and many more.