Nov. 11, 2007
TALLAHASSEE, Fla. — The Florida Restaurant & Lodging Association has applauded U.S. Representative Kendrick Meek (D-FL) for his support of a revised tax depreciation schedule for the improvement and new construction of restaurant buildings.
"On behalf of the thousands of small business restaurateurs and franchisees across the state of Florida, we appreciate Congressman Meek's leadership on this important issue," said Carol Dover, president of the Florida Restaurant & Lodging Association. "We encourage the House of Representatives to support this provision and are hopeful the extenders package will be passed in the next few weeks."
Under current tax laws, owners of most commercial buildings — restaurants included — depreciate the building's original cost, plus the cost of subsequent building renovations and improvements, over 39½ years. Congress has sped up the depreciation schedule for certain businesses, but not for restaurants.
H.R. 3622, a bill introduced in September, would provide a 15-year depreciation schedule for both restaurant improvements and new restaurant construction.