Cares Act 2020 Congress has approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a tax-and-spending package intended to provide economic relief to help address the impact of the Novel Coronavirus (COVID-19) pandemic. This would help businesses struggling with weak cell reception to be able to afford to fix the problem with cell phone signal boosters so their employees can be more productive.
The CARES Act includes several significant business tax provisions that, among other things, has:
- Amended section 168 to permit 100 percent bonus depreciation for eligible Qualified Improvement Property (QIP) placed in service by the taxpayer after December 31, 2017, and before January 1, 2023.
- Under the CARES Act, qualifying improvements made to the interior of these facilities would qualify for a full tax deduction.
- There is no limit on the cost of equipment that can be expensed.
- Qualifying amounts may include the full cost of the equipment and eligible labor costs.
- With this considerable savings, businesses have an easier time saying yes to critical facility upgrades that may have been more financially difficult to move forward with historically.
Many businesses may not be aware of this provision. During this unprecedented time, being able to ensure reliable connectivity is important now more than ever before. With the potential considerable savings provided under the 2020 CARES Act, businesses should be able to address critical facility upgrades that may have been more financially difficult to move forward with historically.
Share this post