IFA: Tax Fixes Needed
WASHINGTON, Dec. 10—The International Franchise Association (IFA), as a member of the QIP Coalition, today called on Congressional leaders to support the inclusion of technical corrections to the Tax Cuts and Jobs Act (TCJA) in year-end legislation. Specifically, the Coalition requests correcting the provision dealing with qualified improvement property (QIP), a drafting error that causes building improvements to be written off over 39 years instead of one year as contemplated under the Act.
In a letter sent to lawmakers, the Coalition states that the delay in correcting this provision has caused economic hardship for numerous businesses, including retailers, restaurants, real estate, and construction industries, as well as the manufacturers that supply products to the building trades. The delay in investments has also had ripple effects across the economy that impact the communities where these companies are doing business.
“IFA has been one of the strongest supporters of Congress and the Administration’s tax reform efforts, but it remains critical we correct this error in order to increase investments in our local communities and continue to grow jobs,” said IFA SVP of Government Relations and Public Affairs Matt Haller.
The tax bill has allowed franchise small businesses to turn their tax savings into growth for their businesses and for the industry. IFA will continue to work with Congress to ensure tax reform helps small businesses grow the economy and create jobs.
View the full letter here.
Celebrating 58 years of excellence, education and advocacy, the International Franchise Association is the world's oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations and educational programs to protect, enhance and promote franchising and the more than 733,000 franchise establishments that support nearly 7.6 million direct jobs, $674.3 billion of economic output for the U.S. economy and 2.5 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees and companies that support the industry in marketing, law, technology and business development.