New bill would accelerate restaurant depreciation

WASHINGTON A bipartisan bill introduced into the U.S. House of Representatives on Thursday could bring some tax relief to many restaurants by reducing the depreciation schedule for new construction or improvements to existing structures.

Sponsored by Reps. Kendrick Meek, D-Fla., and Pat Tiberi, R-Ohio, the bipartisan bill seeks to permanently reduce the current 39½-year depreciation schedule to 15 years. Congress earlier had passed a temporary 15-year schedule

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