WASHINGTON Restaurant industry officials are championing the $150 billion economic stimulus bill that was hammered out by President Bush and House leaders on Thursday, saying it could help the industry's top and bottom lines.
The White House is urging lawmakers to act quickly on the bipartisan agreement, which proponents believe will help revive the nation's weakened economy. Under the agreement individual taxpayers would receive up to $600 in rebates, working couples $1,200, and couples with children an added $300 per child. In addition, families that earn at least $3,000 but don't pay taxes would receive $300 rebates.
Bush said the rebates "will lead to higher consumer spending and increased business investment."
John Gay, senior vice president for government affairs and public policy for the National Restaurant Association, said: "We applaud the bipartisan leadership of President Bush and congressional leaders in providing a timely stimulus to the nation's economy. The rebates allowing taxpayers to retain more of their hard-earned income will provide a needed boost to the economy."
The stimulus plan also would enable businesses to take immediate tax write-offs for 50 percent of the purchase price of facilities and other capital equipment. In addition, it would permit small businesses to write off additional equipment purchases.
"The agreement includes measures on expensing and bonus depreciation that will provide incentives for small-business owners to invest in their firms and hire new employees," said Gay of the NRA.
The House and Senate are expected to address the issue next week.