Monday, May 20, 2019

Trump tax reform typo creates costly headache for US retailers

Boston Business Journal
US retailers and restaurants say they are shelving hundreds of millions of dollars worth of refurbishment work, from lighting refits to paint jobs, because a mistake in the Trump tax reforms has pushed up the upfront costs.

An apparent typo in the tax law that was rushed through Congress has yet to be fixed 18 months after it was introduced. The changes were supposed to allow businesses to deduct the cost of such work from their tax bills the year it was carried out, but the error means they now need to wait 39 years for full tax relief on store renovations. . . . more