qualified leasehold improvement property

qualified leasehold improvement property (QLIP)

An IRS term meaning any improvement made or to be made by a tenant-taxpayer to the interior part of nonresidential real property more than 3 years old,in space occupied exclusively by the tenant.For QLIPs placed in service after August 27,2005, and before January 1, 2009, in the GO-Zone (hurricane damaged states and counties), 50 percent of the cost of the QLIP may be taken as a depreciation deduction in the first year,rather than the 1/39 deduction allowed under normal tax law.