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New York

Queens congresswoman calls for permanent property tax break

Bill would help property owners write off the cost of improving restaurant, shop spaces

U.S. Representative Grace Meng
U.S. Representative Grace Meng

Property owners could once again have access to a tax incentive that helps them write off the cost of making improvements to commercial spaces. That’s if a bill introduced on Tuesday by a U.S. Congress member who represents Queens passes.

The “Tax Equality for Entrepreneurs Act” would make permanent legislation that  allows property owners to either immediately write off expenses for improvements to shop and restaurant space or allow the spruce ups to depreciate over 15 years, the New York Observer reported.

“These savings would be passed down from property owners to small business owners,” Representative Meng told the Observer.

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Congress passed the tax break as part of a larger aid bill for small businesses in 2010, then extended it in 2012 and 2013. It expired this January as Congress debated tax reform on a broader scale, Representative Meng told the Observer.

The Real Estate Board of New York has endorsed the legislation. “We think it’s an important benefit for revenue-generating properties,” REBNY spokesperson Jamie McShane told the Observer. [NYO] — Tom DiChristopher

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