Government Affairs Committee
Debby Pyznarski, Chair
In an effort to keep our members well informed, the Government Affairs Committee regularly reviews news feeds, State and Local legislative initiatives, and other relevant sources to keep you up-to-date on issues that could impact you and your organizations.
1. “The first know COVID-19 wrongful death lawsuit has been filed in Illinois. Named among the defendants is a landlord that owned and managed…”Click Here to read the entire article.
2. The Treasury Department and IRS just sent out some helpful guidance on the CARES Act that could impact your Net Operating Carryback Losses. In summary, the decrease in tax attributable to the net operating carryback loss is applied against 5 unpaid amounts of tax. Any remainder of the decrease is credited or refunded within the 90-day period. Please consult with your CPA or tax attorney for details.
3. When members of the Government Affairs Committee and Board of Directors were on Capitol Hill in Washington, DC earlier this year, we were asking for a fix to a “typo” in the 2017 Tax Law which reverted Leasehold Depreciation, now known as QIP (Qualified Improvement Property), from 15 to 39 years. The CARES Act fixed our ask! This is a BIG WIN for Property Owners. See: https://www.bisnow.com/national/news/economy/cares-act-expands-greatly-deductions-for-ti-retailers-and-restaurants-103833?utm_source=CopyShare&utm_medium=Browser&utm_source=outbound_pub_116&utm_campaign=outbound_issue_37777&utm_content=outbound_link_7&utm_medium=email