Jon Kyl: “I will briefly describe this amendment. It extends for an additional period of time three provisions of the Tax Code…”

“I will briefly describe this amendment. It extends for an additional period of time three provisions of the Tax Code that relate to smaller businesses that the Committee on Finance agreed should have this tax relief and provides for a more balanced bill in terms of the extension of the tax provisions. It deals with leaseholds and restaurant renovations, new restaurant construction and owner-occupied retail. It is identical to an amendment the Senate tabled last week except that it drops the revenue offset since Senator Baucus had identified that offset as the primary problem he had with the amendment. Specifically, it would extend three provisions of the Small Business and Work Opportunity Act of 2007 through the end of 2008. The three provisions are the 15-year recovery period for leasehold improvements in restaurant renovations, as current law provides they run through the year 2007; 15-year recovery for new restaurant construction, which is a new provision; and another new provision, 15-year recovery period for retail improvements.”