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 1 of a 2-part series to help consolidate important information for Service Members for easy reference. The information contained here is accurate as of April 10, 2020. Part 2 will focus on what we’re hearing from Members and AHJs regarding the challenges, processes and opportunities they are experiencing in the field and office.