Washington, D.C. (Restaurant News Release) In a statement for the record for today’s Senate Finance Committee hearing, “Extenders and Tax Reform: Seeking Long-Term Solutions,” the National Restaurant Association’s David Koenig, Vice President of Tax and Profitability, called for the extension of several tax provisions that are critical for the restaurant industry, the nation’s second-largest private-sector employer.
“Tax reform presents an opportunity to provide taxpayers with certainty, simplicity, and fairness, while encouraging economic growth and job creation,” said Koenig. “Done properly, a comprehensive and nuanced review of the tax system would eliminate those tax policies that detract from these objectives, while promoting those that advance them. Specifically, the U.S. economy would benefit from reform efforts that make permanent the 15-year depreciation schedule for leasehold improvements, restaurant improvements and new construction, and retail improvements, which would advance these goals. We also urge continued support for the Work Opportunity Tax Credit, the deduction for donations of food inventory, and an increase in the deduction for business meals. These provisions provide significant benefits to the economy and should be continued as permanent aspects of the tax code. Moreover, we urge immediate and seamless extension of expired tax provisions, which is essential to continuing the tax relief and access to capital that is critical to our nation’s economic and financial recovery.”
Read the Association’s full statement for the record here.
Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 960,000 restaurant and foodservice outlets and a workforce of nearly 13 million employees. Together with the National Restaurant Association Educational Foundation, the Association works to lead America’s restaurant industry into a new era of prosperity, prominence, and participation, enhancing the quality of life for all we serve. For more information, visit our Web site at www.restaurant.org.