Jewelers of America applauds the extension, which it has worked toward for a decade
On Dec. 16, Congress passed the permanent extension of the 15-year depreciation on store improvements, and President Barack Obama is expected to sign it into law before the end of the year.
The law is part of the Protecting Americans from Tax Hikes Act of 2015, which features a number of tax extenders. Full information on the act is available here.
The act would allow retailers to continue to write off improvements on stores over a period of 15 years. Jewelers of America (JA) and JAPAC, the organization’s political action committee, have been lobbying to make the mandate permanent for more than a decade.
“Jewelers of America welcomes the permanent extension of this important depreciation measure. It helps jewelers—whether they rent or own their retail space—to update their stores more often to stay competitive,” said JA president and CEO David Bonaparte.