The Restaurant and Retail Jobs and Growth Act, introduced by Rep. Mike Kelly (R-Penn.) in February, was the subject of a recent House Ways and Means Committee hearing.
The hearing featured the mark-up of seven pieces of tax and health care legislation.
“I applaud my colleagues on the Ways and Means Committee for supporting my bill to give thousands of our nation’s restaurants the tax certainty they need to invest, expand and create more jobs for more of our fellow Americans,” Kelly said. “It’s time we make the 15-year depreciation schedule a permanent part of the nation’s tax code so that these main street businesses can better plan for the future. The ability to prepare for business expenditures – knowing what tax liabilities will be in subsequent years – is vital to making informed business decisions that result in economic growth. That’s what the Restaurant and Retail Jobs and Growth Act will do.”
The National Restaurant Association expressed their gratitude towards the act.
“The National Restaurant Association appreciates the House Ways and Means Committee’s willingness to markup legislation that will benefit the restaurant and foodservice industries nationwide. We thank Congressman Kelly (R-Penn.) for his leadership on the ‘Restaurant and Retail Jobs and Growth Act.’”