The recently enacted Coronavirus Aid, Relief, and Economic Security Act, also referred to as the “CARES Act,” contains several tax breaks designed to help businesses and workers get back on their feet as quickly as possible. Included within this legislation is a new tax benefit for renovating or improving business properties.
This new benefit is available for any business that makes an investment in the interior of its building space before Dec. 31, 2022. Assuming all other requirements are satisfied, investments in new flooring should qualify for the new relief.
For more information on the tax benefits offered through the CARES Act, please consult your tax advisors. The circumstances of individual businesses vary greatly. Not every business will be able to claim the full amount of the benefit.