The National Restaurant Association today applauded Senators Susan Collins (R-Maine) and Bob Casey (D-Pa.) for introducing bipartisan legislation that would allow small businesses, including restaurants, to plan for capital investments to promote expansion and job growth.Among other provisions, the bipartisan Small Business Tax Certainty and Growth Act (S.1085) would extend for one year a 15-year depreciation schedule for restaurants and other retail spaces. This would allow restaurateurs, their landlords and other commercial-property owners to write off the cost of improvements to property, as well as the cost of new construction for restaurants, over 15 years. The tax code provides for a 39-year depreciation schedule, which is not in line with marketplace reality. Congress has set a temporary fix of 15 years, which is set to expire at the end of 2013.
No comments:
Post a Comment