January 24, 2022
NJBiz quoted Tax Partner Robert McGuinness in an article about tax breaks that may no longer be available in 2022.
NJBiz
By Martin Daks
Excerpt:
The gradual elimination of the federal bonus depreciation will affect “capital-intensive companies and the real estate industry,” according to Robert McGuinness, a partner in Marcum LLP’s Tax & Business Services department.
“Although the 2017 Tax Cuts and Jobs Act expanded bonus depreciation rules to allow a 100% write-off for certain property acquired after Sept. 27, 2017, and placed in service before Jan. 1, 2023, certain interior improvements made to nonresidential real property — known as ‘qualified improvement property’ — did not qualify,” he explained.
