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Senate Finance Committee Republicans Send Letter Clarifying Intent on Tax Reform

 

Last December, Congress passed a comprehensive tax reform bill known as the “Tax Cuts and Jobs Act.” The bill contains a provision in Section 168 that provides retailers with the benefit of 100 percent bonus depreciation for qualified improvement property (QIP) acquired and placed into service after September 27, 2017. However, an error occurred when the final text was drafted that makes retailers ineligible for this benefit.

In response, the Qualified Improvement Property Coalition, of which PMAA is a member, has been urging Congress to fix the drafting error. The Coalition recently sent a letter to House Ways and Means Committee Chairman Kevin Brady (R-TX) and Ranking Member Richard Neal (D-MA), as well as Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) urging them to fix the drafting error.

Fortunately, on Thursday, thirteen Senate Finance Committee Republicans, led by Chairman Orrin Hatch (R-UT), sent a letter to Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter encouraging them to issue guidance consistent with the congressional intent of the new tax law on three specific provisions where errors may have occurred, one of which is qualified improvement property expensing. While these lawmakers are hoping that this letter will be used by the Treasury Department to write rules clarifying mistakes in the new tax law, many conservatives are hoping to pass legislation making technical corrections to the tax law before the end of the year. To pass legislation, Senate Majority Leader Mitch McConnell will need nine Senate Democrats to support them in getting legislation through the Senate. Click here to write Congress.

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