Tax Reform Update for Real Estate and Construction Professionals
After much deliberation between the House and Senate, the tax reform bill has been passed and signed into law. Now, it’s time for real estate and construction professionals to understand and prepare for the impact. Below are a few major points affecting the industry.
– Bonus depreciation now applies to both newly constructed buildings and used property acquired after September 27, 2017
– Rates for property acquired after September 27, 2017 depend on when the property was acquired and placed in service