Permanent federal law requires leasehold improvements to be depreciated over a 39-year period. A provision allowing those costs to be recovered over 15 years expired at the end of 2007. The 15-year life has been a "temporary" provision for several years. That rule is not controversial, but was lumped into a package of about 20 expiring provisions that were not renewed in 2007. A timetable for reviewing and renewing that package of expired provisions has not been set.

In the interim, for this year, real estate owners (or their tenants, depending on the arrangement) may elect to take an immediate deduction for 50 percent of the costs associated with leasehold improvements. ...

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