Tax Deductions for Qualified Improvement Property (QIP) 2020 CARES Act

Coronavirus Aid, Relief, and Economic Security Act
Join our webinar

Improve Your Building and Tax Savings

 Thu, Nov 19, 2020, 11:00 AM - 12:00 PM CST

 

Please join us for an informative webinar that leverages an amendment in the 2020 CARES Act to the qualified improvement property tax deduction calculation that is more favorable for non-residential building tax payers. Eligible interior building improvement can include fire protection systems and devices—including system migration, building management systems, security systems and devices, sensors, valves, actuators, and other HVAC devices, and more. Experts from Akin Gump will further explain the scope of Qualified Improvement Property (QIP) tax deductions and take your questions live.

 

This webinar is ideal for building owners/managers responsible for property taxes; design/specifying engineers planning building improvement projects and contractors to understand total project costs and savings to factor in qualified buildings.

 

Featured Speakers: Jeffrey D. McMillen, Partner, Akin Gump Advises on federal tax and pension policy matters. Amy S. Elliott, Senior Practice Attorney, Akin Gump Advises public securities fund investors on the risks and opportunities of the tax aspects of corporate events.

 

Highlights to Section 168

Qualified interior improvements made by the taxpayer for existing non-residential buildings may be eligible for a tax deduction of the full amount of equipment and labor costs in a single year, without limitation on the size of the project.

 

QIP can include:

  • Fire protection systems and devices, including system migration
  • Building management systems
  • Security systems and devices
  • Sensors, valves, actuators, and other HVAC devices
  • HVAC interior ductwork
  • Plumbing, electrical and gas distribution
  • Modifications to tenant spaces, as long as the interior walls are not load-bearing

Invest in qualified facilities improvements to optimize building performance and tax savings.

Siemens solutions

DISCLAIMER – Siemens will not recommend any financing action to Customer as Siemens is not a registered municipal advisor and is not subject to any of the fiduciary duties imposed on municipal advisors. Siemens is not a tax advisor to nor fiduciary of Customer and Customer should consult its own legal, financial or other tax advisors as appropriate prior to taking any financing related action.