A bill to amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain improvements to retail space.

Summary

Amends the Internal Revenue Code to allow qualified retail improvement property a 15-year recovery period for purposes of the tax deduction for depreciation. Defines such property as any improvement to an interior portion of a building which is nonresidential real property, if: (1) such portion is open to the general public and is used in the trade or business of selling tangible personal property or services to the general public; and (2) such improvement is placed in service more than three years after the date the building was first placed in service. Excludes specified improvements, including the enlargement of a building, any elevator or escalator, or the internal structural framework of a building.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 August 2006

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 August 2006

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• Introduced in Senate

  summary · EN · 3 August 2006

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