Dive Brief:

• A tax bill that would aid retailers in their store renovation and hiring efforts passed the U.S. House of Representatives Dec. 3 and awaits a Senate vote.

• The Tax Increase Prevention Act of 2014 would allow retailers to write off the cost of improvements to their physical stores over 15 years, an extension of a law that allowed the shorter depreciation. For leased stores, half the cost could be written off immediately; that too is an extension of existing law.

• The bill also renews the Work Opportunity Tax Credit, which provides at least $2,400 per worker when retailers hire veterans, welfare recipients, disabled workers, and others who might otherwise find difficulty finding jobs.

Dive Insight:

It’s always good news when Congress acts on legislation—tax legislation is especially likely to languish in the House, which is, generally speaking, often loathe to consider bills that could involve raising or renewing taxes. These provisions are extensions of existing law, but are helpful to retailers when it comes to renovation and hiring.