100% TAX DEDUCTION ON A ROOFING CAPITAL IMPROVEMENT!
For the first time ever, business owners can receive a 100% tax deduction on the installation of a new commercial roof.
TAX CUTS & JOBS ACT, H.R. 1
New law. A 100% first-year deduction for the adjusted basis is allowed for qualified property acquired and placed in service after Sept. 27, 2017, and before Jan. 2, 2023 (after Sept. 27, 2017, and before Jan. 1, 2024, for certain property with longer production periods). Thus, the phase-down of the 50% allowance for property placed in service after Dec. 31, 2017, and for specified plants planted or grafted after that date, is repealed. The additional first-year depreciation deduction is allowed for new and used property. (The pre-Act law phase-down of bonus depreciation applies to property acquired before Sept. 28, 2017, and places in service after Sept. 27, 2017.)
Code Sec. 179 – Expensing.
Under the TCJA, beginning with tax years beginning in 2018, taxpayers can expense up to $1 million (adjusted for inflation for tax payers beginning after 2018.) Also, the phase down threshold is raised to $2.5 million.
Code Sec. 179 – Qualified Improvement Property.
Also, for the first time, taxpayers can elect to treat as Section 179 property roofs and, even if they are structural components of a building, heating, ventilation and air conditioning property; fire protection and alarm systems; and security systems. The only requirements is that these roofs and other properties not relate to residential rental buildings.
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