2020 “CARES Act” Tax Benefits May Help JDRM ClientsJune 15, 2020
There are benefits available to business property owners as part of the 2020 Coronavirus Aid, Relief and Economic Security Act. The “CARES Act” contains a number of tax savings for businesses – including those who did NOT receive loan assistance. The legislation includes a change to the tax code to ensure “qualified improvement property” (QIP) investments can benefit from an accelerated tax deduction for the full cost of such property. Under Section 168 of the tax code, the cost of fire protection and alarm systems (among other items that are considered QIP) can be fully deducted for tax purposes in the first year.
Check out the many ways we can be of service with comprehensive designs for:
- fire protection
- fire alarm systems
- security / access control
- first-responder radio amplification systems
Consult your tax professional for specific business advice. To learn more about the CARES Act, visit home.treasury.gov/fedresponse