WASHINGTON D.C. — The Feb. 16 passage of the U.S. House of Representative's small business tax package offers a tax credit provision that will help restaurants and their employees, but the National Restaurant Association is still hopeful the final tax package will include one of its biggest tax priorities.
According to a news release, Steven Anderson, outgoing chief executive of the NRA, said he's disappointed the new bill lacks "a provision on accelerated depreciation for newly constructed restaurant buildings as the Senate bill did last month." He said he's hopeful that will change in the final draft.
"We believe tax relief should be targeted directly at those small businesses, such as restaurants, that would be most impacted by a mandated minimum wage increase," said Anderson. "Given that 60 percent of minimum wage earners are employed in our industry, we believe it is important to include restaurant depreciation and FICA tax credit extension in any final package. Inclusion of FICA tax credit and restaurant depreciation ensures that both segments — table-service and quick-service restaurants — of the industry that employs the most minimum wage earners are assisted in order to minimize job loss."