Bailout Boon: How new federal legislation passed to stabilize the economy benefits restaurant owners.
While the federal government's Emergency Economic Stabilization Act of 2008--better known as the "bailout"--has drawn a lot of controversy, the National Restaurant Association (NRA) lauds at least one measure included in the law as a "major victory" for the industry.
Signed into law on October 3, the plan designed to stabilize the economy also includes a provision to reduce the depreciation schedule for improvements made to restaurant buildings in 2008 and 2009 and for new restaurant construction in 2009.
"We scored a major win in terms of restaurant depreciation," says Michelle Reinke, director of legislative affairs for the NRA. "It's long been a top tax priority for the industry."
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