Stimulus Proposal Incorporates AH&LA Proposal
WASHINGTON, DC, January 25, 2008. The American Hotel & Lodging Association (AH&LA) commends the United States House of Representatives and the Administration for their agreement in principle on the provisions of a planned economic stimulus package, which includes AH&LA's proposal for bonus depreciation. The legislation, totaling some $150 billion in taxpayer rebates and corporate incentives, is designed to bring immediate, short-term relief to an economy damaged by a declining housing market, instability in the stock market, difficulties in the subprime mortgage sector, and increasing unemployment.
"We applaud President Bush and the leadership in the House of Representatives for reaching a preliminary agreement on this vital legislation so quickly," said Marlene Colucci, AH&LA executive vice president for public policy. "The provisions we have seen in the early summary of this bill will provide a much-needed boost to both the lodging industry and to millions of American families and businesses, and we look forward to working with Members of Congress to ensure the stimulus package provides as much help as possible for those who need it most."
The proposal agreed to by leadership in the House of Representatives and the Bush Administration includes: tax rebates for American families, the amount of which is determined based on income levels and the number of minor dependents; a 50-percent bonus depreciation on equipment purchases by businesses; a provision allowing businesses to expense new and used tangible property purchases up to a total investment limit of $800,000; and increased limits on Government Sponsored Enterprises (GSE) and Federal Housing Administration (FHA) loans.
The bonus depreciation provision was one of five proposals requested by AH&LA in a letter recently sent to Congressional leadership. Additionally, Members were asked to include immediate relief for the H-2B temporary seasonal worker program, an expanded Work Opportunity Tax Credit (WOTC), travel promotion funding, and an extension of the carryforward or carryback periods for Net Operating Losses (NOL).
"The inclusion of our recommendation on bonus depreciation is a very positive first step for our industry," according to Colucci. "We strongly encourage the House and Senate to take a serious look at our other proposals, including immediate relief for the H-2B program, and consider including them in the final version of this legislation."
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