Restaurant Legislative Update- Swipe Fee Reform, 80% Business Meal Deduction and the 15 Year Tax Depreciation Schedule

The latest from Congress:

The 2010 Durbin Amendment made the reforms necessary to curb the excessive swipe fees charged when guests use a debit card.  Those reforms are at risk as the banks and debit card companies seek to kill or delay the reforms in S. 575 and H.R. 1081.  April 21 is the final rules publication date for the Federal Reserve.  We shall see.

Rep. Shelley Berkley (D-Nev.) introduced a bill to restore the tax deduction for business meals to 80 percent.  I believe she introduced the bill last year also.

Bipartisan bills S. 687 and H.R. 1265 would enable restaurateurs, landlords and commercial-property owners to write off the cost of improvements to property and the costs of new construction for restaurants over 15 years, not 39. The current 15-year schedule expires December 31, 2011.

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