Tax Break Will Make it Easier for Owners to Expand, Add Staff
Washington DC- Today, U.S. Senator Bob Casey (D-PA), a member of the Senate Finance Committee, and Senator Kay Hagan (D-NC) unveiled new legislation that would promote new construction and retail improvements at restaurants across the state. The bipartisan bill would increase access to capital by permanently extending the 15-year tax depreciation period for leasehold improvements, restaurant improvements and new construction and retail improvements.
“Small businesses are the backbone of our economy,” Senator Casey. “We should provide them with the certainty they need to grow. By making the 15 year depreciation provision permanent, we will allow businesses across Pennsylvania to make smart investments to expand and create jobs.”
"This legislation will help North Carolina businesses recover the cost of improvements they make to enhance and grow their companies," Senator Hagan said. "It would also provide much-needed certainty that will allow business owners to plan for the future. I'm proud to be an original cosponsor of this bipartisan legislation that will boost North Carolina's economy at a crucial time for our state."
This legislation will give companies the certainty they need to invest in their businesses and expand. These capital investments fuel economic activity and create jobs. According to the Bureau of Economic Analysis, every dollar spent in the construction industry generates an additional $2.39 in spending in the rest of the economy.
In addition to construction jobs, as employers expand their stores and restaurants, they will also need additional workers, creating jobs. This legislation will be particularly beneficial to Pennsylvania’s $17 billion restaurant industry, which supports more than 500,000 jobs around the state.
Senator Casey and Senator Hagan are joined in support of this legislation by Senator Cornyn, the lead Republican sponsor, as well as Senators Stabenow, Crapo, Menendez, Brown, Begich, Collins, Inhofe, Klobuchar, Risch, Vitter and Wicker.