Global Public Policy
Congress has approved year-end legislation (H.R. 1865 and H.R. 1158) to fund the federal government through the end of the 2020 fiscal year. A number of tax provisions were added, including an extension through 2020 of the New Markets Tax Credit and the Section 179D deduction for energy efficient commercial buildings.
Unfortunately, Republican and Democratic leaders could not reach an agreement to include significant technical corrections to the 2017 tax reform law, such as the fix for the Qualified Improvement Property (QIP) glitch. ICSC will be working with the lead sponsors of the QIP fix bills, Sen. Pat Toomey (R-PA) and Rep. Jimmy Panetta (D-CA), to chart a path forward in 2020.
The year-end deal does include a seven-year reauthorization of the Terrorism Risk Insurance Program (TRIA) and a short-term extension of the National Flood Insurance Program until September 30, 2020. Extensions of these insurance programs have been long-time priorities for ICSC.
Vice President, Tax Policy