Queens congresswoman calls for permanent property tax break

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

TRD New York /
Jun.June 27, 2014 04:30 PM

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.

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


Related Articles

arrow_forward_ios
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

High expectations: A look at John Banks’ 4 years at REBNY
John Banks

John Banks to step down as REBNY president

John Banks to step down as REBNY president
REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
REBNY president James Whelan (Whelan by Anuja Shakya; iStock)

REBNY’s political contributions plummet

REBNY’s political contributions plummet
Clockwise from leftREBNY's James Whelan, StreetEasy's Matt Daimler and NYRAC's Heather McDonough Domi (Getty, iStock)

NYC’s lockdown will count as one day on the market for resi listings

NYC’s lockdown will count as one day on the market for resi listings
REBNY president James Whelan and 570 Lexington Avenue (Whelan by Evan Gutierrez, Google Maps)

REBNY lays off staff, slashes salaries

REBNY lays off staff, slashes salaries
REBNY's James Whelan, State Sen. Julia Salazar and New York Attorney General Letitia James (Getty)

Broker-fee ban courtroom showdown pushed — again

Broker-fee ban courtroom showdown pushed — again
As New York real estate prepares for phase two, REBNY has released a set of guidelines for conducting business in person

Health screenings, liability forms: REBNY offers guidance for in-person showings

Health screenings, liability forms: REBNY offers guidance for in-person showings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...