Note: Many of these tax incentives may no longer be available.
You have eight months left this year to secure important tax perks for purchasing new equipment. If you are thinking of replacing your walk-in cooler or freezer, now may be the time to act. The Small Business Act that President Obama put in place in September 2010 provides tax relief and assistance in gaining access to capital for foodservice operations.
The legislation allows foodservice operators to write off up to $500,000 of equipment costs immediately rather than recovering the purchase over multiple year of depreciation. The equipment purchase must be completed during the 2011 tax year.
Check out our New Equipment Tax Breaks post from November 2010 for more information.