Virus Serves as Catalyst for Congress to Fix ‘Retail Glitch’ (1)

It took a pandemic for Congress to fix the 2017 tax law’s retail glitch, which inadvertently penalized the kinds of businesses that have been temporarily forced to close during the new coronavirus outbreak.

The error prevented brick-and-mortar companies like restaurants and retailers from immediately writing off the cost of interior improvements, essentially making store renovations more expensive. There have been pushes to pass a fix, but Congress’ inaction over the past two years left businesses trying to figure out accounting maneuvers to obtain some of the tax benefits they would have otherwise been entitled to.

Democratic leaders have been hesitant ...