New bipartisan legislation would restore expired tax deductions for many operators who are investing in their restaurants. The Tax Relief for American Families and Workers Act, H.R. 7024, restores business interest expensing, helping many restaurant operators lower their tax burden when investing in building upgrades, dining room remodels, expansions, and refurbishments.
The bill also accelerates “bonus depreciation” for the immediate expensing of investments, providing small businesses with more cash on hand. These changes are essential for many restaurant operators to thrive, create jobs and support economic growth in their communities.
The House passed this pro-growth bill in January 2024 with bipartisan support. It is likely to be the only tax bill Congress considers this year. The Association is working to get the Senate to pass this critical tax relief. Restaurant operators can help by clicking here.
The bill also accelerates “bonus depreciation” for the immediate expensing of investments, providing small businesses with more cash on hand. These changes are essential for many restaurant operators to thrive, create jobs and support economic growth in their communities.
The House passed this pro-growth bill in January 2024 with bipartisan support. It is likely to be the only tax bill Congress considers this year. The Association is working to get the Senate to pass this critical tax relief. Restaurant operators can help by clicking here.
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