The golf and restaurant industries are continuing to push for the extension and inclusion of key tax credits designed to spur development and speed the economic recovery by offering incentives to hire certain long-term unemployed individuals, allowing businesses to build new restaurants or redevelop existing properties and helping golf courses that have been ravaged by natural disaster in recent years.
The restaurant industry is throwing its weight behind two key measures, the extension of the 15 year depreciation schedule for new restaurant construction and improvements and the Work Opportunity Tax Credit, both of which expired at the end of 2011. Both tax credits were included in a larger “tax extenders” bill that the industry hoped would be part of the year end spending agreeement passed by the House and Senate at the end of 2011, but the extenders package proved too expensive to include in the final legislation, causing both programs to lapse on January 1, 2012.
The golf industry is continuing our push to be included in disaster tax relief legislation in and around the gulf coast. Golf courses were initially carved out of disaster relief legislation in years past, but continued lobbying efforts focused on the impact golf courses have on our economy, the jobs we contribute and the difficult situation many courses have found themselves in cleaning up after recent natural disasters, have created a much more positive environment for golf courses to be able to take advantage of the benefits offered.
Contact VGM Club Government Relations for additional information or help contacting your elected officials on these important issues facing our industries.
Tags: golf, natural disaster, restaurants, tax credits, vgm club, work opportunity