Calhoun, Ga.—The recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) contains several tax breaks designed to help businesses and workers get back on their feet as quickly as possible, according to Mohawk Group. Included within this legislation is a new tax benefit for renovating or improving business properties, the company said.
This new benefit is available for any business that makes an investment in the interior of its building space before Dec. 31, 2022. Assuming all other requirements are satisfied, investments in new flooring should qualify for the new relief, according to the company.
“We encourage our commercial customers to make use of this opportunity to address interior upgrades, such as flooring, that they may have been putting off,” said Mike Gallman, president of Mohawk Group. “It’s very possible it will be a while before there is a better time to make these improvements once this window of time has passed. Our account executives are here to support our valued customers throughout this pandemic and to ensure the success of their projects.”