At the end of 2009, Congress let several key tax benefits expire. One item is the NRA-backed, 15-year tax depreciation schedule for restaurant spending on new construction and building improvements, retail improvements and leasehold improvements. If Congress doesn't retroactively extend the 15-year schedule, businesses must depreciate costs over 39.5 years in 2010 and beyond.
Bills to reauthorize the restaurant-depreciation schedule and other provisions have been pending without final action for months. Now Congress' only remaining chance to act is during the "lame-duck" session lawmakers will hold starting Nov. 15, after the elections.