The provision grants businesses the rights to a first-year 30% tax deduction on the cost of leasehold tenant improvement projects taken on over the next three years. The remaining costs of the improvements begun in the next three years will be depreciated over a 38-year period.
After both the chambers of Congress passed the legislation--officially called the Job Creation and Worker Assistance Act of 2002--the president signed an amended version of the bill late last week. "It's a terrific victory for realtors and commercial realtors everywhere," NAR's Linda M. Johnson tells GlobeSt.com. "It's going to provide additional economic dividends by offering businesses accelerated appreciation for leasehold improvements.
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