Have you been freaking out about remodeling and getting your construction in before the tax incentives run out? Making rash decisions just to get it all done in time?
Take a breath and slow down. There’s good news! The House of Representatives’ Ways and Means Committee passed two bills, just last week, which solidify the tax incentives for remodeling and capital improvements for retailers.
“Under our current (broken) tax system, Congress lurches from year to year by renewing so-called “tax extenders,” Ryan said in a Ways and Means blog. “This annual practice creates uncertainty and confusion, which takes a toll on everyday Americans and costs jobs. That’s why throughout this year the House has sought to provide more certainty by making many of these 'extenders' permanent law. No more year-end drama. No more writing tax law one year at a time. Just the predictability that families and employers deserve.”
The first bill will make the “Restaurant and Retail Jobs and Growth Act” and its “bonus depreciation” permanent. This allows retailers to write off remodeling and improvements over 15 years, rather than the normal 39 years for buildings.
The second bill allows businesses that are making capital investments to deduct 50% of the expense in the first year and the other 50% over the rest of time. This bill has expanded to include owned stores as well as the original leased stores.
All in all, retailers have been given the security they need to be able to take the time to make educated and calculated decisions for their remodels without concern of losing out on the financial benefits.
Take a look at how Solais’ and PowerSecure Lighting’s VioLight technology can give your store the modern and updated look it needs to stay competitive in today’s competitive market! Take your time and compare us in a mock up or test install!
About Solais Lighting Group: Solais + EnergyLite design and manufacture the lighting industry's highest-performing LED lamps and fixtures. With superior lumen output, center-beam candlepower, and overall aesthetics and performance, Solais Lighting Groupís LED products enhance the retail, supermarket, commercial, museum, hospitality and utility environments of the world's leading brands. Solais Lighting Group relentlessly pushes the innovation envelope to create products that replace traditional lighting technologies with zero compromise to aesthetics and performance. To learn more about Solais Lighting Group, visit us in person in Frisco, Texas, or online at www.solais.com.