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New legislation to promote new construction and retail improvements at restaurants is now on the table. U.S. Senator Bob Casey (D-PA), a member of the Senate Finance Committee, and Senator Kay Hagan (D-NC) unveiled the bipartisan bill that would increase access to capital by permanently extending the 15-year tax depreciation period for leasehold improvements, restaurant improvements and new construction and retail improvements, Senator Casey said.
"Small businesses are the backbone of our economy," Senator Casey added. "We should provide them with the certainty they need to grow. By making the 15-year depreciation provision permanent, we will allow businesses across Pennsylvania to make smart investments to expand and create jobs."
The senators believe that the legislation will give companies the certainty they need to invest in their businesses and expand. According to the Bureau of Economic Analysis, every dollar spent in the construction industry generates an additional $2.39 in spending in the rest of the economy.
In addition to construction jobs, as employers expand their stores and restaurants, they will also need additional workers, creating jobs. This legislation will be particularly beneficial to Pennsylvania's $17 billion restaurant industry, which supports more than 500,000 jobs around the state, said Casey and Hogan.
Senator Casey and Senator Hagan are joined in support of this legislation by Senator Cornyn, the lead Republican sponsor, as well as Senators Stabenow, Crapo, Menendez, Brown, Begich, Collins, Inhofe, Klobuchar, Risch, Vitter and Wicker.
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