On December 22, 2017 President Donald Trump signed the most comprehensive overhaul of the tax law since 1986. This new law affects nearly every business and individual.
Prior to the change of section 179 of the tax laws, only improvements to the interior of a non-residential building were deductible. Now, because of the revision, specified improvements made to a structural element of a qualified real property are entitled to a 100% deduction the first year. This depreciation deduction is allowed for both new and used property.
Under “Section 179, Modifications of Rules for Expensing Depreciable Business Assets of the Tax Cut and Job Act”, the following are qualified improvements:
(B) Heating, ventilation, and air-conditioning property.
(C) Fire protection and alarm systems.
(D) Security systems.
This is meant to be a general summary of a portion of the new tax laws. It is not intended to be an exact interpretation of the law. Consult with your accountant to further discuss how the Tax Cuts and Jobs Act specifically apply to your property and your decision to make improvements to it. Contact us for your commercial roofing needs.