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| Tuesday, February 23, 2010 | 13:05 |
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Company News
National Restaurant Association Advocates for Provisions in Senate Jobs Bill that Protect Small Businesses, Create Growth
(Drinks Media Wire). The National Restaurant Association today sent a letter to members of the U.S. Senate, advocating for provisions in the pending Jobs bill that would help the industry grow.
“The National Restaurant Association, representing 945,000 restaurant locations nationwide, offers its strong support for Congressional action for a strong package of incentives to create jobs,” states the letter from Scott DeFife, Executive Vice President for Policy and Government Affairs for the Association. “This year, the restaurant industry is estimated to generate $566 billion in sales, with an overall economic impact of $1.5 trillion. Every dollar spent dining out generates $2.34 in business for other industries. The restaurant industry is one of the nation’s largest private employers, employing nearly 13 million Americans, representing over nine percent of the nation’s job base.”
The letter states strong support for an extension of the temporary increase in the annual amount small businesses can expense from $125,000 to $250,000, and a payroll tax holiday and tax credit for employers who hire and retain certain employees. In addition, the letter encourages Senators to extend the 15-year depreciation schedule for restaurant improvements/new construction, leasehold improvements, and retail improvements, as well as to increase the deduction for business meals and entertainment from 50 to 80 percent.
“Before the economic downturn, the restaurant industry spent more than $10 billion in 2007 on the construction and retrofitting of restaurant buildings,” states DeFife. “According to the Bureau of Economic Analysis, every dollar spent in the construction industry generates an additional $2.39 in spending in the rest of the economy and every $1 million spent in the construction industry creates an additional 28 jobs in the economy. Restaurant industry construction spending created 280,000 jobs in the overall economy in 2007-an impressive figure that can be replicated with enactment of policies such as extension of the 15-year depreciation schedule.”
A copy of the full letter is attached. A procedural vote on this measure is expected today.
Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which is comprised of 945,000 restaurant and foodservice outlets and a workforce of 12.7 million employees. Together with the National Restaurant Association Educational Foundation, the Association works to lead America’s restaurant industry into a new era of prosperity, prominence, and participation, enhancing the quality of life for all we serve. For more information, visit our Web site at www.restaurant.org.
CONTACT: Sue Hensley (202) 331-5964 shensley@restaurant.org or Maureen Ryan (202) 331-5939 mryan@restaurant.org
Contact
| E-mail: media@dineout.org |
| Web: http://www.restaurant.org |
| Company: National Restaurant Association |
| Address: 1200 17th St., NW - 20036 Washington DC |
| Country: UNITED STATES |
| Phone: +1 (202)-973-3677 |
| Fax: +1 (202)-973-3961 |
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