This week, HF 2426 passed out of the House and it's companion bill (SF 2203), will now move through the legislative process in the Senate.
This bill would codify DIAL's current method of hotel inspection on both a complaint and risk-based assessment basis to determine which facilities should be prioritized, removing the previous biennial requirement.
The House of Representatives passed a bipartisan tax package in early February, and the Senate is expected to take it up soon. Tell your Senators to support the Bipartisan Tax Package
to support hotel industry businesses and workers.
Background
In 2017, Congress passed historic tax cuts for American businesses and workers. These have started to expire.
H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, is a bipartisan bill that would, among other things, temporarily extend key business tax provisions that enable hotels to reinvest back in their businesses and communities and spur economic growth as well as enhance the Child Tax Credit that supports hard-working employees and their families.
This legislation would extend 100% bonus depreciation for qualifying property, increase the maximum depreciation expense amount, and extend the inclusion of depreciation and amortization in business interest expense calculations.
These tax provisions are potentially worth tens of thousands of dollars to the average hotel. The hotel industry is still recovering from the COVID-19 pandemic and is confronting numerous challenges in the forms of higher interest rates, higher costs, and economic uncertainty.
Updating business tax policies and pursuing tax policies that support workers ensures the U.S. remains a vibrant marketplace for the hotel industry.
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