HOW LOCAL JURISDICTIONS CAN KEEP BUILDING OCCUPANTS SAFE
July 17, 2018 | By Emily Naden, LEED Green Associate
Since the December passage of the U.S. Tax Cuts and Jobs Act of 2017, individuals, businesses, accountants and lawyers alike have been trying to decipher what impact the changes to the tax code will have on the bottom line. Thanks, in large part, to BOMA International’s advocacy efforts, the fair taxation of commercial real estate was maintained. The final legislation preserved many tax features important to the long-term health and strength of commercial real estate, and it lowered the corporate rate, which should be a net positive for larger commercial real estate companies. However, in an effort to create simplicity within the tax code, Congress unintentionally complicated issues surrounding qualified improvement property, previously known as leasehold improvement, and damaged a very important tax provision for commercial real estate.