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JA praises passage of store-improvement legislation

October 07, 2008

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New York—Jewelers of America (JA) welcomes the two-year extension of the 15-year depreciation on store improvements recently signed into law by President Bush.

According to JA, the 15-year depreciation measure enables retailers to write off improvements on stores over a period of 15 years, instead of the 39 years previously mandated.

The two-year extension of this measure, which Bush signed into law on Oct. 3, was part of a tax "extenders" package attached to the financial rescue bill.

The measure has been extended until the end of 2009 and also has been expanded to include property owners. Previously, it was available only to leaseholders.

"Jewelers of America welcomes the extension of this important depreciation measure, which will help jewelers, whether they rent or own their retail space, to refurbish their stores more often to stay competitive," JA President and Chief Executive Officer Matthew A. Runci said in a media release.

JA originally worked to have the store-improvements depreciation measure included in an economic stimulus package passed by Congress in the aftermath of 9/11.

JA has supported its extension ever since, and its political-action committee, JAPAC, also has focused its donations on legislators who work on legislation that is of vital interest to retailers.

"JAPAC has enabled jewelers to have a voice in government on the issues that are critical to jewelers' bottom lines," Runci said.

For more information on JAPAC, the depreciation measure and other legislative issues JA is following, visit the public affairs section of JA's Web site, Jewelers.org/PubicAffairs/Monitoring.html.
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