US tax code typo
An article in The Hill covered an error in a US tax reform law, which has had a material impact on retail store renovation projects. The mistake means retailers are required to depreciate remodeling work over 39 years rather than taking the immediate write-off Congress intended. The Tax Cuts and Jobs Act of 2017 was supposed to eliminate the previous 15 year depreciation period on renovations by allowing retailers and restaurants to write off the full cost immediately. But in the rush toward passage, a mistake in wording meant that improvements at stores and restaurants fall into a category intended for constructing the building itself, which lasts for decades and has to be depreciated over 39 years. This "typo" definitely affects Australian retailers operating in the US as well.