Interviews
NRF urges house to renew store remodelling legislation
22 May '08
3 min read
NRF has long argued that the 39-year period is unrealistic because successful retailing requires periodic updates to maintain a fresh look, and also because of the need for general improvements such as energy-saving efforts. If retailers waited 39 years to remodel, stores frequented by shoppers today would still look the same as they did in 1969.
The 15-year period applies only to stores that are leased, but NRF asked that it be expanded to stores that are owned as well. Restaurants are already allowed to depreciate improvements over 15 years regardless of whether buildings are owned or leased, and would also see the provision renewed under the legislation.
“In many cases, the retailers that own their buildings are small businesses, and they are placed at a competitive disadvantage compared with retailers that lease their stores,” Pfister said. “Before the legislative process with H.R. 6049 is complete, we hope that Congress will be able to fix this discrepancy in the law.”
NRF also supports energy-related provisions in the bill, including renewal of the investment tax credit for solar energy, which would benefit retailers who use solar panels on the roofs of their stores or warehouses, along with incentives for energy efficient products and for energy conservation in commercial buildings.
NRF also supports renewal of a provision that gives taxpayers the option of deducting state and local sales taxes on their federal tax returns in lieu of deducting state income taxes. The provision gives a tax break to consumers in states without an income tax, leaving them with more discretionary income to potentially spend in stores.
The 15-year period applies only to stores that are leased, but NRF asked that it be expanded to stores that are owned as well. Restaurants are already allowed to depreciate improvements over 15 years regardless of whether buildings are owned or leased, and would also see the provision renewed under the legislation.
“In many cases, the retailers that own their buildings are small businesses, and they are placed at a competitive disadvantage compared with retailers that lease their stores,” Pfister said. “Before the legislative process with H.R. 6049 is complete, we hope that Congress will be able to fix this discrepancy in the law.”
NRF also supports energy-related provisions in the bill, including renewal of the investment tax credit for solar energy, which would benefit retailers who use solar panels on the roofs of their stores or warehouses, along with incentives for energy efficient products and for energy conservation in commercial buildings.
NRF also supports renewal of a provision that gives taxpayers the option of deducting state and local sales taxes on their federal tax returns in lieu of deducting state income taxes. The provision gives a tax break to consumers in states without an income tax, leaving them with more discretionary income to potentially spend in stores.
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