Source AHLA
The American Hotel & Lodging Association (AHLA) today is leading an industry-wide Tax Day of Action in support of the Tax Relief for American Families and Workers Act, H.R. 7024.
The Tax Relief for American Families and Workers Act would extend critical tax relief for hotels that would incentivize new investments in properties and employee hiring and help keep hoteliers competitive at a time of economic uncertainty. The bill passed the House in January with a broad, bipartisan vote and is currently pending in the Senate.
The Tax Day of Action membership mobilization push complements AHLA’s considerable lobbying efforts in support of the legislation with earned, owned, and social media outreach inviting hoteliers to contact their senators in support of the bill.
Tax relief under the bill could range from tens of thousands of dollars to several million dollars per property, according to a recent Cornell University study.
“Small business hoteliers and employees are facing significant hurdles to growth, including persistent inflation, a nationwide workforce shortage, and an aggressive federal regulatory agenda,” said AHLA Interim President & CEO Kevin Carey. “America’s hotels need help navigating these economic headwinds, and on this Tax Day of Action we call on senators to listen to AHLA’s 30,000 plus members and swiftly pass the Tax Relief for American Families and Workers Act.”
Hoteliers can urge senators to pass the bill here.
Background
The bipartisan Tax Relief for American Families and Workers Act (H.R. 7024) includes important provisions that will benefit hoteliers and hotel employees, including:
An extension of the 100% bonus depreciation through the end of 2025. Under current law, leasehold and other qualifying interior improvements are eligible for bonus depreciation. In 2026, bonus depreciation would fall to 20% and expire after 2026. A retroactive, four-year extension of the taxpayer-favorable earnings before interest, taxes, depreciation, and amortization (EBITDA) standard for measuring the amount of business interest deductible under section 163(j). A Child Tax Credit enhancement.
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