WASHINGTON—American Hotel & Lodging Association President and CEO Chip Rogers released the following statement after the U.S. House of Representatives passed the Tax Relief for American Families and Workers Act (H.R. 7024), which would temporarily extend several tax provisions that are important to the hotel industry.
“The Tax Relief for American Families and Workers Act would provide vital economic help to America’s hotels, encouraging investment in both hotel properties and employees,” said Rogers. “We thank members of the House for passing this important, bipartisan bill. We encourage the Senate to quickly get this legislation to the president’s desk, and we look forward to working with lawmakers to permanently extend the bill’s tax-relief measures.”
The bipartisan Tax Relief for American Families and Workers Act (H.R. 7024) includes several provisions that will benefit hoteliers and hotel employees. Here is what’s in the bill, which now heads to the Senate for consideration:
- An extension of the 100 percent bonus depreciation through the end of 2025. Under current law, leasehold and other qualifying interior improvements are eligible for bonus depreciation. In 2026, bonus depreciation would fall to 20 percent and expire after 2026.
- A retroactive, four-year extension of the taxpayer-favorable earnings before interest, taxes, depreciation, and amortization (EBITDA) standard for measuring the amount of business interest deductible under section 163.
- A provision accelerating the deadline to file claims for the Employee Retention Credit (ERC) to January 31, 2024. With the potential closure of the program to new applicants, AHLA encourages any businesses still considering applying to do so quickly.
- A Child Tax Credit enhancement.
Appeared first on: lodgingmagazine.com