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Jewelers of America Welcomes Legislation on Store Improvements
Dec 20, 2015 6:39 AM
By Rapaport News
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RAPAPORT... Jewelers of America (JA) has welcomed a permanent extension to the depreciation
of store-improvement expenses over a shorter period of time, a change retailers
have fought for more than a decade to stay competitive.
The
measure enables sellers to continue to write off improvements on stores over 15
years instead of the 39 years that had previously been mandated, JA said in a
statement December 18. The amendment was part of a year-end tax extenders bill passed
by the U.S. Congress and is expected to be signed into law by U.S. President
Barack Obama before the Christmas holiday.
JA said the
extension was a victory for the trade association, which has been fighting for
more than a decade to make the depreciation provision permanent.
“Jewelers of America welcomes the permanent extension of this important depreciation
measure,” said David J. Bonaparte, president and chief executive officer of JA.
“It helps jewelers – whether they rent or own their retail space – to update
their stores more often to stay competitive.”
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Tags:
accounting, Jewelers of America, legislation, Rapaport News, retail, u.s.
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