What Taxes May Look Like Under President Trump
With Donald Trump as president-elect, in conjunction with a republican-majority in both the House and Senate, we have to ask ourselves as Tax Professionals, what this entails for the American public and what impact this will have on the future financial landscape of our country. What we do know is that president-elect Trump has pledged legislation to reduce taxes and a vote to repeal “Obamacare.”
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TAX CHANGES: QUALIFIED IMPROVEMENTS
The Protecting Americans from Tax Hikes Act (PATH) passed by Congress and signed on December 18, 2015, made several changes that will impact landlords and tenants of commercial property. One significant change is it expanded the definition of “qualified property” eligible for bonus depreciation by adding a new category for “qualified improvement property”. The term qualified improvement property means any improvement to an interior portion of a building which is nonresidential real property if such improvement is placed in service after the date such building was first placed in service, excluding 1) enlargements, 2) elevators and escalators, and 3) internal structural framework. The improvements do not need to be made pursuant to a lease. Qualified improvement property is still considered improvements to commercial real property thus the depreciable life is 39 years, but in the year placed in service these improvements are now eligible for bonus depreciation.
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UPDATE: New Overtime Rule will NOT take Effect December 1, 2016
On November 22, 2016 a federal judge issued a preliminary injunction. This means the new overtime rule will not take effect December 1st.
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