Bill introduced to make restaurants' 15-year tax depreciation schedule permanent
U.S. Representatives Mike Kelly, R-Pa., Richard Neal, D-Mass., Jim Gerlach, R-Pa., and Ron Kind, D-Wis., this week introduced H.R. 4212, "the Restaurant and Retail Jobs and Growth Act."
According to a news release, the bipartisan legislation would make permanent a 15-year tax depreciation schedule for restaurant improvements and new construction, as well as leasehold and retail improvements.
"The foodservice industry employs more than 535,000 men and women in Pennsylvania alone, and is a constant driving force that makes our economy grow and keeps communities strong nationwide. Especially during this difficult economic recovery, it is absolutely vital that restaurant and other retail operators have the tax certainty they need to expand their enterprises and put more Americans back to work. This new jobs bill will help bring much-needed long-term stability to our nation's small businesses, and just makes sense," Rep. Kelly said in the release.
"By making the 15-year depreciation provisions permanent, we are providing businesses with certainty and the capital they need to grow their businesses and invest in their future," Neal added.
The National Restaurant Association applauded the introduction, saying that the 15-year depreciation provision provides restaurateurs with predictability and cash flow to make future investments.
"Restaurants experience heavy wear and tear serving 130 million guests a day at nearly one million establishments nationwide," Dave Koenig, VP, tax and profitability, NRA, said in the release. " ... We appreciate the leadership shown by these members in introducing this important legislation."