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

Coronavirus Aid, Relief, and Economic Security Act

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On-Demand Webinar Replay

Improve Your Building and Tax Savings

Watch this 60-minute session held November 19, 2020, featuring experts from Akin Gump who further explain the scope of Qualified Improvement Property (QIP) tax deductions related to the amendment in the 2020 CARES Act. The panel provides general information about key guidelines to expensing and how it applies to  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. 

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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

Fire Protection Systems

Fire safety involves many disciplines from detection, alarming, evacuation and extinguishing to danger and building management. Siemens offers a comprehensive portfolio of fire panels, detection, and management systems that create an intelligent solution to protect your building and its occupants. In addition, we provide tailored solutions for migrating and expanding your system to meet today’s – and future – standards.

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Building Automation for all building sizes and applications

Our comprehensive building automation and control systems portfolio provides solutions tailored to each project‘s individual needs. Openness and flexibility are the bottom line for all our systems. Combining electrical and HVAC systems in a comprehensive, multi-discipline approach and designing for reliability is how we make what matters a reality.

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Innovating Security

At Siemens, we deliver integrated security solutions designed around your business. With a smarter approach, we take what’s most important to you and transform your buildings into perfect places for the people who use them.

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HVAC Products designed for best possible system performance

All of our HVAC products are built for long-lasting performance for the most rigorous building demands. Experience reliable equipment control for exceptional energy savings – from installation to years in operation.

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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.