WASHINGTON—American Lodge & Lodging Affiliation President and CEO Chip Rogers launched the next assertion after the U.S. Home of Representatives handed the Tax Aid for American Households and Employees Act (H.R. 7024), which might quickly lengthen a number of tax provisions which are essential to the resort trade.
“The Tax Aid for American Households and Employees Act would supply very important financial assist to America’s resorts, encouraging funding in each resort properties and staff,” mentioned Rogers. “We thank members of the Home for passing this essential, bipartisan invoice. We encourage the Senate to rapidly get this laws to the president’s desk, and we sit up for working with lawmakers to completely lengthen the invoice’s tax-relief measures.”
The bipartisan Tax Aid for American Households and Employees Act (H.R. 7024) consists of a number of provisions that can profit hoteliers and resort staff. Here’s what’s within the invoice, which now heads to the Senate for consideration:
- An extension of the one hundred pc bonus depreciation by way of the top of 2025. Below present legislation, leasehold and different qualifying inside enhancements are eligible for bonus depreciation. In 2026, bonus depreciation would fall to twenty % and expire after 2026.
- A retroactive, four-year extension of the taxpayer-favorable earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) customary for measuring the quantity of enterprise curiosity deductible below part 163.
- A provision accelerating the deadline to file claims for the Worker Retention Credit score (ERC) to January 31, 2024. With the potential closure of this system to new candidates, AHLA encourages any companies nonetheless contemplating making use of to take action rapidly.
- A Baby Tax Credit score enhancement.
