The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress and signed into law March 27th, 2020 included over $2 trillion in economic relief to help offset the impacts of COVID-19. It also included tax savings for businesses, including options for commercial and industrial facilities to take advantage of Qualified Improvement Property (QIP) investments under section 168 of the Act. According to accounting firm KBKG, Qualified Improvement Property (QIP) is defined as any improvement made by the taxpayer to an interior portion of a building that is nonresidential real property as long as that improvement is placed in service after the building was first placed in service by any taxpayer (Section 168(k)(3)).” For full details, download the PDF from the IRS.
This is part 2 of a 2-part series to help consolidate important information for BuildingReports & ComplianceCenter Members for easy reference. Read Part 1 here.
How BuildingReports Is Assisting the Membership Network
BuildingReports is currently working remotely to ensure business continuity and uninterrupted operations for our entire membership network (AHJ’s, Service Companies and Facilities). For our ScanSeries members (premium barcode scanning services), BuildingReports University wants to help your ITM teams and administrators stay productive and increase their working knowledge of ScanSeries and Building Reports during the COVID-19 outbreak, by providing complimentary online training, further information via these links:
As buildings become increasingly vacant with the exception of essential service functions, the National Fire Protection Association has provided official guidance for authorities to ensure the continued working order and compliance of critical facility systems.