TexturePlus calls on Congress to pass retail and restaurant remodeling legislation

Texture Plus, the largest U.S. manufacturer of high-impact textured faux wall panels, urged the United States Senate and House of Representatives to quickly pass the “Restaurant and Retail Jobs and Growth Act.”



“Retailers and restaurants depend on remodeling their locations every five years to stay competitive,” said Brian Kampe, CEO. “The standard 39 year depreciation for building remodeling makes those improvements a difficult tax burden.”



A recent example provided by the National Retail Federation illustrates the challenge. If under current law, if a store spent $500,000 on expanding its showroom, it would only be allowed to deduct less than $13,000 of the expansion costs in the first year, with depreciation spread out over nearly four decades.



However, under the proposed bills, the same store would be allowed to deduct $250,000 from its tax bill the first year and then spread out the remaining $250,000 over the next 14 years, freeing up more money early on for further investment.



“Retailers and restaurateurs face particularly difficult market challenges. We urge the House and Senate to move forward quickly with this important legislation to support their ability to grow and compete without outdated depreciation timetables,” said Kampe.