Scranton, PA- Today, U.S. Senator Bob Casey (D-PA), joined by owners of local restaurants, pushed for passage of new, bipartisan legislation that would promote new construction and retail improvements at restaurants across the state. Casey’s 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 and the foundation of economic growth in Northeastern Pennsylvania,” Senator Casey said. “Passing this bipartisan legislation will give small businesses the certainty they need to grow their businesses and create jobs.
Standing at P.J. Scanlan’s, Senator Casey highlighted data showing the role restaurants play in creating jobs and boosting economic growth across the state.
Senator Casey’s legislation is designed to spur 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 across the Commonwealth. 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 is joined in support of this legislation by Senator Cornyn (R-TX), the lead Republican sponsor, as well as Senators Stabenow (D-MI), (R-ID), Menendez (D-NJ), Brown (D-OH), Begich (D-AK), Collins (R-ME), Hagan (D-NC), Heller (R-NV), Inhofe (R-OK), Klobuchar (D-MN), Risch (R-ID), Roberts (R-KS), Vitter (R-LA) and Wicker (R-MS)