Clearing up the attacks on Panetta
You may have seen strange and vague ads on TV this last week that mention our Congressman, Jimmy Panetta, and a bill that he introduced. I want to set the record straight and share how this bill will restore a tax provision that once was law but then in 2017 was inadvertently left out by Congress when revising the bill for other purposes. This drafting error has made it much more difficult to renovate and make building improvements, as we restaurateurs are now forced to write off these improvements over a long 39-year period when the prior term was 15 years. In other words, it’s now more than twice as long and totally unrealistic. How many restaurants do you know that don’t need or make any improvements for 39-years? Some might say even 15 years is too long.
As a tenant/renter who pays for the renovations to my business, I know that I won’t be around for 39 years to fully depreciate my improvements. I need to write off these improvements right away or no more than over the next 15 years.
Eliminating or delaying needed improvements can have significant consequences. For example, during the late ’80s, a number of improvements were made to Shadowbrook that its guests don’t see, including plumbing, wiring and earthquake protection. The latter proved a very worthwhile investment, as Shadowbrook experienced virtually no damage during the big quake of ’89, save a broken bottle of wine or two.
Thankfully, Jimmy has introduced H.R. 1869, the Restoring Investments in Improvements Act, a bipartisan bill that will fix the drafting error and AGAIN ensure that small businesses like mine can depreciate some of these capital improvements in the year they are made.
This fix will again allow me and other small business owners to use our limited resources to do more hiring, to increase employee benefits and to grow our businesses instead of growing our tax bills. I’m thankful that Congressman Panetta is looking out for local business owners like me by working to fix this tax issue by correcting the drafting oversight by Congress and to restore the tax and depreciation provisions from the old 2015 law.
Ted Burke, Capitola
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Annoying ads attacking Panetta
Simon Sinek wrote that “The real job of a leader is not about being in charge. It’s about taking care of those in our charge.” For the last week, every time I turn on the TV I have seen annoying ads attacking our Congressman. I had no idea what the commercial was talking about, but it told me to call Congressman Panetta, so I did. I got an immediate response from his office, explaining that as far as they could tell, the ad is about a tax bill that Congressman Panetta introduced to help our local restaurants and businesses. He said that the Trump tax bill made it harder for businesses to reinvest in their properties and hire more employees and that Jimmy is working to fix this problem. I appreciate him working to actually help people and being responsive to local needs.
Joe Fletcher, Carmel Valley
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Hoping for an arrest in projectiles case
I hope law enforcement can make an arrest, very soon, of the culprit that has been throwing projectiles (apparently thrown) at vehicles traveling on Highway 101 near the Red Barn. At this time, 42 vehicles have been struck according to reports, resulting in a lot of damage as well as at least one injury to an occupant, caused by splintered glass. This outlaw needs to get caught because he is worse than a Saturday night gunslinger in old Dodge City.
Mike Bobeda, Watsonville
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