NRA eyes new tax benefits, credit from $700b bailout

Nation's Restaurant News, Oct 13, 2008

WASHINGTON -- Citing new restaurant tax allowances and credit opportunities expected from the $700 billion bailout of troubled financial institutions, the National Restaurant Association has praised the House of Representatives for its "courageous and difficult vote" Oct. 2 to approve the measure.

After the House reversed its prior no vote and concurred with the Senate, the taxpayer-funded relief act was quickly signed into law by President Bush in a bid to thaw a widespread credit freeze and jump-start the economy.

"Many of our members tell us they would like to expand their restaurant operations and create new jobs, but they simply cannot because capital is not available from their local financial institutions," said Dawn Sweeney, the NRA's president and chief executive.

Sweeney pointed out that the House-approved measure brings the depreciation rules for restaurants more in line with allowances for comparable service or retail businesses.

"This provision can serve as an important catalyst for growth," she said.