On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). While the CARES Act reflects unprecedented broad support to all sectors of the economy, it includes business provisions that provide significant benefits to the real estate industry.100% bonus depreciation for “qualified improvementproperty” by fixing a drafting error in the 2017 Tax Cut and Jobs Act (TCJA)The CARES Act allows taxpayers to reduce their income taxes by claiming 100% bonus depreciation for “qualified improvement property” (QIP), which includes any improvement made by the taxpayer to an interior portion of a nonresidential building, if such improvement is placed in service after the date such building was first placed in service. Excluded from this, however, is anything related to the internal structural framework of the building, elevators or escalators, or the enlargement of the building. READ MORE