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Entities plead for tax guidance on depreciation, losses

Tammy Whitehouse | September 6, 2018

Nearly 300 companies and associations signed a letter to the U.S. Treasury practically pleading for guidance to correct what they regard to be drafting errors in the Tax Cuts and Jobs Act.

The errors are so serious, the entities say, they defy the intent of the law and wreak havoc on investment plans. “The delay in correcting these provisions has caused economic hardship for some retailers, restaurants, members of the real estate industry, and suppliers of building products, and is also delaying investments across the economy that impact the communities in which these companies are doing business,” the letter says.

Addressed to Treasury Secretary Steven Mnuchin, the letter says the tax reform law contains “unintended drafting errors” dealing with qualified improvement property and net operating losses that cause the law to operate inconsistent...

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