COVID-19 Cares Act Provides Tax Break for Commercial Flooring Investments
CALHOUN, Ga., May 18, 2020 /3BL Media/—The recently enacted Coronavirus Aid, Relief, and Economic Security Act, also referred to as the “CARES Act,” contains several tax breaks designed to help businesses and workers get back on their feet as quickly as possible. Included within this legislation is a new tax benefit for renovating or improving business properties.
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.
“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.”
For more information on the tax benefits offered through the CARES Act, please consult your tax advisors. The circumstances of individual businesses vary greatly. Not every business will be able to claim the full amount of the benefit.
To connect with your local Mohawk Group commercial or Durkan hospitality account executive, please visit MohawkGroup.com and select “Find a Rep.”
About Mohawk Group
As the world’s leading producer and distributor of quality commercial flooring, Mohawk Group believes that better floor coverings emerge from better design, innovation, sustainability, project solutions and operational excellence. Mohawk Group addresses the unique challenges and opportunities in contract interiors with a comprehensive carpet and hard surface portfolio of all types and price points. As the commercial division of Mohawk Industries, the company has a heritage of craftsmanship that spans more than 130 years. To learn more about our full line of flooring products, please visit MohawkGroup.com.
# # #
