Impact of Tax Reform on the Commercial Roofing Industry
SEATTLE, WA – May 8, 2018 – The recently enacted national tax reform bill features pro-growth adjustments for businesses, and the roofing industry is one of the benefitting parties. Better known as the Tax Cuts and Jobs Act, the bill features enhanced deductions under Section 179 that lower the cost of commercial property improvements, including the roof.
The newly modified Section 179 expands the definition of eligible property and increases the amount of associated costs that may be expensed as of January 1, 2018. Certain updates to nonresidential property, including roofs, may now be fully expensed in the year of purchase, rather than depreciating the cost over 39 years.
The reform also increases the maximum amount that may be immediately deducted from $500,000 to $1 million and increases the phase-out threshold from $2 million to $2.5 million. These new limits may be effective for qualifying property beginning after December 31, 2017 and will be adjusted for inflation following 2018.
Firestone Building Products encourages building owners to contact their tax professionals to learn how they can take advantage of this tax reform. Our team of trusted professionals and extensive portfolio of industry-leading building envelope solutions, can help building owners get the most out of their commercial property updates. To work with one of our Gaco Area managers, please visit the website.
Name: Gaco Western
Email: Email Us
Phone No: 800.331.0196
Disqus website name not provided.