The Tax Cuts and Jobs Act that was passed late last year repealed the qualified retail, restaurant and leasehold improvement rules and replaced them with a new qualified improvement property acquired and placed in service after 12/31/2017 and before 12/31/2022.
Qualified improvement property consists of interior modifications to commercial property (except elevators, escalators and enlargements). Prior laws enabled write offs for much of the improvements to a space which reduced taxes and gave new operators much needed cash.
This new property was supposed to have a 15-year life and qualify for bonus and Section 179, but a technical glitch has this property currently using a 39-year life, with no bonus or 179, awaiting a technical correction bill. For new restaurants this is an important correction that needs to get done before the tax year ends.