Economic Stimulus Bill

National Restaurant Association: Economic Stimulus Bill to Provide Boost for Restaurant Industry

National Restaurant Association Praises Final Passage of Economic Stimulus Package
Bill is anticipated to provide boost for the restaurant industry

(Washington, DC) - Dawn Sweeney, President and CEO of the National Restaurant Association, made the following statement regarding final congressional approval of an economic stimulus package:

"A healthy economy is vitally important to the restaurant industry and to the nation. We commend Congress and President Bush for working together in a bipartisan manner to pass this stimulus package. The agreement should provide a boost for the restaurant industry not only because it allows taxpayers to retain more of their hard-earned income, but also because it includes expensing and bonus depreciation measures that will provide incentives for small-business owners to invest in their companies and hire new employees."

Key provisions included in the economic stimulus bill include:

* Tax rebate checks of $300-$1200, the amount to be determined by the greater of two options: (a) Income tax paid in 2007, with a maximum of $600 for a single taxpayer and $1,200 for married couples; or (b) $300 for an individual and $600 for a married couple, provided the individual or couple earned income of at least $3,000 in 2007. There is a phase-out for those with adjusted gross incomes above $75,000 for a single taxpayer and $150,000 for married couples. Anyone qualifying for the base amount also receives an additional $300 per child, with no cap on the number of children.

* Provides for a 50 percent bonus deduction on new equipment in the year it is placed in service. This temporary tax cut offers significant savings on new property with a depreciation period of 20 years or less.

* Allows small businesses to write off the entire cost of new investment expenditures up to $250,000 - almost twice the current Section 179 expensing limit - it would apply to companies with overall investments of less than $800,000 in 2008.

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For a printable version of this release, our news release archive or more information about the restaurant industry, please click on the link below:

http://www.restaurant.org/pressroom/pressrelease.cfm?ID=1550

If you have questions, please contact the National Restaurant Association's Media Relations Department at media@dineout.org, or call (202) 973-3677.