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Leasehold Improvement Update – Opportunities for Qualified Improvement Property


Passed in December 2015, the Protecting Americans from Tax Hikes Act of 2015 (PATH) contained extenders and made permanent certain taxpayer friendly rules, many specific to depreciation.  Included in the PATH Act is a new category of building improvements known as Qualified Improvement Property.  The advantage of Qualified Improvement Property as compared to Qualified Leasehold Improvements is that it is not subject to the related party lease and three year placed in service rules that often prohibit taxpayers from classifying property as Qualified Leasehold Improvements.  Why is this important?  If an improvement is classified as Qualified Improvement Property, the taxpayer may be able to take Section 179 expense and bonus depreciation.

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