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Restaurant Revitalization Tax Credit PROPOSAL
Dated: April 14 2023
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Restaurant Revitalization Tax Credit PROPOSAL
According to Restaurant Dive;
On Thursday, the congressmen introduced the Restaurant Revitalization Tax Credit to help the roughly 200,000 operators who applied for RRF grants but didn’t receive funding.
The proposed legislation would help restaurateurs grappling to manage debts incurred during the pandemic, pay their staff and improve their finances.
The new tax credit would offset restaurants payroll tax liabilities up to $25,000 per quarter in 2023, or a maximum of $100,000. The credit would be fully refundable for operators with 10 or fewer employees, and partially refundable for restaurants with between 11-20 employees.
Proposed tax credit eligibility requirements
- Restaurants must have been open before March 14, 2020.
- Restaurants must have applied for, but not received, RRF grants.
- Restaurants must have experienced at least 50% revenue loss in 2020 or 2021 compared to 2019, or a revenue loss of at least 30% in both 2020 and 2021 compared to 2019
Stephen Soriano- Director
Weichert Commercial Advisors
Restaurant & Retail Foodservice Specialist
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Stephen Soriano
Virginia Realtor with Weichert Loudoun Commercial Advisors.Director of Food & BeverageReal Estate advisor to the restaurant and retail food & beverage industries. Specializing in buying,....
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