The National Restaurant Association (NRA)'s Depreciation Fairness Coalition sent a letter to each member of Congress urging an extension of the 15-year depreciation schedule for restaurant improvements and expansion, leasehold improvements and retail improvements. The depreciation schedule is set to expire at the end of 2009. According to the letter, an extension is essential to offer businesses the certainty they need to take on capital expenditures, which help fuel economic activity and create jobs.
"Without Congressional action, the depreciation schedule will revert back to 39 years, which would greatly discourage capital expenditures for restaurants," said Beth Johnson, executive vice president of public affairs for the NRA, in a statement. "The failure to act now would be extremely shortsighted and inhibit job creation at a key moment. As the economy begins the process of recovery, businesses need the resources necessary to make investments, hire and retain workers, and, in certain cases, keep their doors open."
The Depreciation Fairness Coalition is a group of restaurants, trade associations and other organizations that support permanent extension of the 15-year depreciation schedule for restaurant improvements and expansion.