[Tallahassee, Fla] The National Restaurant Association and fellow restaurateurs need your help. Over the next three weeks, Congress is finalizing legislative measures they aim to pass by the end of the year. Unintentionally, the 2017 tax reform bill left improvements to your restaurant with a 39-year depreciation period instead of the 15-years Congress intended. They need to hear from constituents how critical it is that those bills fix the restaurant depreciation tax glitch.
Why this is an issue:
Can you imagine eating in a restaurant that hadn’t been upgraded since 1980? What’s more, you are ineligible for one of the biggest benefits of the new tax law: 100% bonus depreciation for improvements from 2018 through the end of 2022. Bills have been introduced in both the House and Senate to fix this mistake. We need you to ask your Members of Congress to include the fix into any legislative package moving by the end of the year.
The solution:
Bipartisan legislation, the “Restoring Investments in Improvements Act” (S.803/H.R.1869), would restore the 15-year improvement depreciation period for “Qualified Improvement Property” (QIP) and also restore temporary bonus depreciation for your restaurant.
How you can help:
Click here to take action and tell your lawmakers to fix this issue by passing the “Restoring Investments in Improvements Act” (S.803/H.R.1869) by the end of this year.