House Votes to Extend Expiring Tax Provisions

The U.S. House of Representatives Wednesday approved 241-181 a bill to extend certain expiring tax provisions in 2009 through 2010.  Included in the bill, H.R. 4213, the Tax Extenders Act of 2009, are several provisions of benefit to the construction industry.  In particular, the bill extends through 2010, 15-year straight-line cost recovery for qualified leasehold, restaurant, and retail improvements. Lawmakers are expected to fix a drafting error in the bill that excluded new restaurant construction.  The Senate is not expected to consider H.R. 4213 until the chamber suspends or concludes debate on health care legislation.  Regardless of date of enactment, Congress will likely make the provisions effective on January 1, 2010.  AGC sent a letter in support of H.R. 4213 to all Representatives. For more information, contact Karen Lapsevic at (202)547-4733 or lapsevick@agc.org.