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National Restaurant Association - NRA presses Congress to renew expired tax breaks

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NRA presses Congress to renew expired tax breaks

As Congress begins to debate whether to extend a payroll-tax cut for American employees beyond Feb. 29, the National Restaurant Association is encouraging Congress to act swiftly to extend two other tax provisions important to restaurants: a 15-year restaurant depreciation schedule and the Work Opportunity Tax Credit.

Congress let both tax provisions expire at the end of 2011. The NRA has mounted a widescale campaign to tell Congress why it's so important to provide tax certainty to restaurateurs, in order to spur businesses to put money back into their operations and create more jobs. The NRA submitted testimony on this issue to the Senate Finance Committee last week and this week sends a letter to every member of Congress to encourage immediate action on the WOTC and depreciation, asking lawmakers to extend the benefits retroactively to Jan. 1.

The Work Opportunity Tax Credit is available to employers when they hire certain individuals in groups that often face barriers to employment, to offset the cost of hiring and training. The depreciation provision allows restaurateurs to depreciate the cost of building improvements and new construction over 15 years, rather than 39.5 years.

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