The CHEFS Act would create a federal tax credit for eligible small restaurant businesses that buy and install equipment to collect or confine fine particle pollution (PM2.5) from qualifying wood- or anthracite coal-fired cook stoves or char broilers. The credit would range from 10% to 35% of the total cost, based on the amount spent. Restaurants in eligible historic buildings would receive an additional 10 or 15 percentage points, depending on the building’s age. The credit would apply to tax years beginning at least one year after enactment. The bill was referred to the House Committee on Ways and Means.
A restaurant may qualify if it uses a covered stove or char broiler and meets the Small Business Administration’s size standard for its industry. The emissions equipment must be used to collect or confine PM2.5. The bill defines an eligible historic building as one at least 50 years old.
The bill would allow a tax credit equal to the stated share of qualifying equipment and installation costs. It does not provide an estimate of the total cost to the federal government. The same expense could not also be used for another credit or deduction to the extent covered by this credit, and the credit would reduce the property’s tax basis. Qualifying devices would be treated as three-year property for depreciation.
No publicly available information.
No publicly available information.