The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in support of the new, bipartisan, Restoring Investment in Improvements Act that is designed to fix a drafting error in the 2017 tax law that set the depreciation schedule for commercial property improvements at 39 years instead of 15:
"Many construction projects are being delayed or reconsidered because of a drafting error that set the wrong timeline for depreciating the cost of commercial property improvements. Fortunately, a bipartisan group of Senators understands the very significant and real threat this error poses to future commercial projects and the overall health of our economy.
"Fixing the legislation and setting the right depreciation timeline for these kinds of essential improvements will boost demand for construction, support new projects and give a well-timed boost to the economy. That is why the Associated General Contractors of America is urging Congress to enact this legislation as quickly as possible, so the President can sign it and our economy can continue to expand."
For more information, visit www.agc.org.