By Ron Word
Buyer Interactive
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Hotel owners and operators wanting to save up to 20 percent on some of their federal taxes should look at the savings that may be available through three government programs, said Brandon Edwards, president of the Tax Credit Company in Los Angeles.
The Obama administration’s small business bill, recently signed into law, and two existing plans, the Work Opportunity Tax Credit and the Hiring Incentive to Restore Employment Act (HIRE), can provide real savings.
“It’s terrific for the hotel industry,” Edwards said.
The new Small Business Jobs Act offers $12 billion in tax breaks to encourage investment and hiring, and new credits which would offset the alternative minimum tax. It is designed for small and mid-size businesses making less than $50 million in annual revenue.
In addition, the act allows companies, such as green hotels or hotels with green projects, to apply for research and development credits, Edwards said.
