The Senate Finance Committee Thursday approved a tax extenders package that includes three key provisions for the restaurant industry.
The provisions are the 15-year depreciation schedule on restaurant building improvements and new construction, retail improvements, and leasehold improvements; the enhanced charitable deduction for the donation of food inventory; and the Work Opportunity Tax Credit, which is offered to employers who hire employees from groups that historically have a hard time finding employment.
All three provisions expired at the end of 2013 and would be extended for 2014 and 2015 under the proposed package. Their passage by the committee was applauded by the National Restaurant Association.
"These are key incentives that help spur economic growth and job creation, as well as charitable giving, in the restaurant industry, America's second-largest private sector employer," NRA VP of tax and profitability Dave Koenig said in a news release. "We thank Chairman Wyden and Senator Hatch for their leadership moving this legislation forward, and encourage swift action by the full Senate and House to pass these expired provisions."