SWACCA Encourages Members to Ask Their Member of Congress to Fix the Retail Glitch
Last year, SWACCA President Matt Townsend directed the public policy team to push to fix a drafting error included in the Tax Cuts and Jobs Act of 2017 that has resulted in delaying or canceling interior improvements to commercial properties. This error inadvertently extended the depreciation schedule for interior improvements to commercial properties from 15 years to 39 years. SWACCA has heard from numerous contractors who have said that this error has severely impacted ongoing and future construction projects, forcing business owners to delay or even cancel projects.
These efforts to fix the so-called “retail glitch” have evolved and there is now a large coalition of diverse groups urging Congress to address this issue. Working with this ever-growing group of allies, we now have 50 cosponsors in the Senate and 237 cosponsors in the House for legislation designed to fix this error. But we need your help to get this bill across the finish line! A website designed by our coalition just went live. At FixTheGlitchNow.com, you can find more information on the impact of this drafting error and you can contact your members of Congress and urge them to support passage of the Restoring Investments in Improvements Act (S. 803/H.R. 1869). A drafting error should not keep productive projects from advancing and people from working!