Leasehold Depreciation Makes Progress
9/29/2015
BOMA
Tuesday, September 29, 2015
by: BOMA

Section: Association Business




On September 15, a BOMA-led group from the Depreciation Fairness Coalition met with key members of the U.S. House of Representatives to advocate for a permanent extension of the 15-year depreciation schedule for leasehold improvements. BOMA International and its colleagues from the coalition secured four additional co-sponsors for the Restaurant and Retail Jobs and Growth Act of 2015 (H.R. 765), which subsequently was passed out of committee two days later by a vote of 24-12. 
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Successfully passing permanent leasehold depreciation is a top priority for the BOMA International advocacy team. Similar legislation has been floated in Congress over the last few years, but this is the first time the issue has made it out of committee. Instead, a temporary reduction, from 39 years to 15, has been included in the tax extenders packages hastily passed at the end of each session of Congress. There is no word yet on if or when the bill will be taken up on the House floor for a full vote, but BOMA International will be watching the issue closely.​
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