Senators Patrick Toomey (R-PA) and Doug Jones (D-AL) introduced the Restoring Investment in Improvements Act in March 2019. Similar legislation has also been introduced to the House by Representatives Jimmy Panetta (D-CA) and Jackie Walorski (R-IN) to correct the 2017 TCJA “retail glitch” and reduce the recovery period for Qualified Improvement Property (QIP) from the currently enacted 39 years to the promised 15 years (20 years ADS) making it eligible for 100 percent bonus depreciation. Although the technical correction has been introduced in both the House and Senate with bi-partisan support, the current outlook on when and even if this bill can be passed into law is uncertain under the current political climate.
Bisnow hosted an event about the Future of Aerotropolis Atlanta including presentations by the Aerotropolis Atlanta Alliance and several real-estate developers about the ongoing efforts to encourage investment in the businesses and communities surrounding the Hartsfield-Jackson International Airport (ATL). Several Opportunity Zones have been identified in this area that provide a tax incentive in order to attract potential investors. Click here to learn about the tax incentive provided for investing in an Opportunity Zone.
Amazon is confirmed to lease a 700 square foot distribution facility developed by Seefried Industrial Properties on the Gwinnett-Dekalb county lines.
Airbnb has protected the private data of the owners of Airbnb rentals by not sharing data with local governments, which has enabled many hosts to evade paying taxes to their cities. Atlanta has fought back, now requiring hosts to acquire a permit and pay excise taxes.
The House recently approved bipartisan repeal of ACA’s “Cadillac” Tax.