House Lawmakers Introduce Bill to Fix ‘Retail Glitch’ in Tax Law

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A pair of lawmakers has introduced bipartisan legislation to make a technical correction in the Tax Cuts and Jobs Act that has kept many stores and restaurants from renovating their facilities, after similar legislation was introduced last week in the Senate.

The Tax Cuts and Jobs Act 2017 allowed businesses to immediately write off the costs associated with improving facilities, instead of having to depreciate the expenses over 15 years. An inadvertent drafting error required restaurants, retailers and other leaseholders to instead write off the expenses over a much longer period of 39 years, which has made the renovations more costly and stymied investment…

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