Bill 119 s 187, also known as the "Investment Property Tax Deduction Act," aims to make a permanent change to the Internal Revenue Code of 1986. The bill proposes to allow taxpayers to deduct the full cost of an investment in qualified property at the time the investment is made, rather than having to spread the deduction out over several years.
This change would provide an incentive for individuals and businesses to invest in property, as they would be able to immediately benefit from a tax deduction. Proponents of the bill argue that this would stimulate economic growth and encourage investment in new projects.
The bill does not specify what types of property would qualify for this deduction, leaving it open to interpretation. Critics of the bill argue that this lack of specificity could lead to abuse of the deduction and potentially benefit wealthy individuals and corporations disproportionately.
Overall, Bill 119 s 187 seeks to incentivize investment in property by allowing taxpayers to deduct the full cost of their investment at the time it is made. The potential impact of this change on the economy and tax revenue remains to be seen.