The QIP provisions are effective for property placed in service after December 31, 2015. Qualified Improvement Property (QIP) is defined as any improvement to an interior portion of a building that is nonresidential real property as long as that improvement is placed in service after the building was first placed in service by any taxpayer (Section 168(k)(3)). In this post, we clarify the new applications of Qualified Improvement Property. This newest category significantly increases the likelihood real property capital expenditures are eligible for bonus depreciation. That’s understandable considering there has been over a dozen additions or changes to rules relating to various qualified real property improvements since bonus depreciation was enacted.
Many tax professionals are still unclear about the newest classification of building improvements eligible for bonus depreciation when placed in service on or after January 1, 2016.
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