About the bill
An accidental mistake in 2017’s tax reform prevented this from occurring as intended, but now it might happen in 2020.
Republicans’ tax reform law, the Tax Cuts and Jobs Act of 2017, permitted most businesses to write off facility improvement costs from their taxes immediately. This marked a change from prior law requiring them to write off such expenses over the course of 15 years.
However, the law inadvertently read that “nonresidential real property” would have a tax writeoff period of 39 years. This includes small local stores, businesses, and restaurants.
What the legislation does
The Restoring Investment in Improvements Act would allow such business to deduct the full costs of facility improvements to their taxes immediately, rather than over 39 (or 15) years.
A press release from ...
Sponsor and status
Sponsor. Junior Senator for Pennsylvania. Republican.
Last Updated: Mar 14, 2019
Length: 2 pages
Mar 14, 2019
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
S. 803 (116th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number S. 803. This is the one from the 116th Congress.
This bill was introduced in the 116th Congress, which met from Jan 3, 2019 to Jan 3, 2021. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
We recommend the following MLA-formatted citation when using the information you see here in academic work:
GovTrack.us. (2021). S. 803 — 116th Congress: Restoring Investment in Improvements Act. Retrieved from https://www.govtrack.us/congress/bills/116/s803
“S. 803 — 116th Congress: Restoring Investment in Improvements Act.” www.GovTrack.us. 2019. June 23, 2021 <https://www.govtrack.us/congress/bills/116/s803>
Restoring Investment in Improvements Act, S. 803, 116th Cong. (2019).
|title=S. 803 (116th)
|accessdate=June 23, 2021
|author=116th Congress (2019)
|date=March 14, 2019
|quote=Restoring Investment in Improvements Act
Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.