Arlington, VA - Senators Pat Toomey and Doug Jones today introduced the Restoring Investments in Improvements Act to allow for immediate expensing of qualified improvements to supermarkets and grocery stores, as well as restaurants and other retail establishments. This bipartisan legislation addresses a drafting error in the Tax Cuts and Jobs Act that actually increased the cost of making these investments.
Andrew Harig, senior director for sustainability, tax & trade, made the following statement on the bill’s introduction:
“FMI applauds the introduction of the Restoring Investments in Improvements Act by Senators Toomey and Jones. This commonsense legislation will allow food retailers to take advantage of immediate expensing for improvements made to our members’ stores. These investments not only create jobs and economic activity in the communities served by our membership, they also enhance the consumer experience through modernization and technology.
For the past year, many qualified improvements have been put on hold due to a drafting error in the Tax Cuts and Jobs Act that actually made these investments more expensive than before tax reform. Today’s bipartisan legislation is a needed corrective that provides for full expensing without imposing any new obligations on the Treasury.
“We encourage the Senate to take up this legislation as quickly as possible to help create certainty for food retailers throughout the United States.”