WASHINGTON D.C. — The National Restaurant Association commended the Senate Finance Committee for penning legislation that includes tax relief for restaurants in communities facing voter-mandated minimum wage increases.
Dubbed the Small Business and Work Opportunity Act of 2007, the legislation includes several beneficial provisions such as a restaurant industry-specific, 15-year depreciation schedule for new construction, as well as an extension of current law for restaurant improvements.
"By allowing restaurateurs to deduct the cost of renovations on a shorter schedule, this legislation will offset the burden imposed by a minimum wage increase and enable restaurateurs to continue to grow their businesses and create more jobs," said Steve Anderson, NRA president and chief executive officer.
