AAHOA president and CEO Chip Rogers released the following statement today in response to the House and Senate’s final passage of the Tax Cuts and Jobs Act.
“We commend President Trump, Speaker Ryan and Leader McConnell for their unrelenting
determination to bring real tax relief to the American people. For the past three decades, hoteliers
have endured the crushing burden of perpetually increasing tax obligations that stifled growth and
job creation. This substantial reformation of the tax code presents hoteliers with the opportunity
to reinvest in their properties, increase employee wages, develop new businesses, and create new
jobs.
“AAHOA members worked tirelessly to educate their legislators about how reforming the tax code
will create jobs and economic growth in the hospitality industry. Through thousands of meetings,
letters, conferences, op-eds, phone calls and emails, AAHOA members made their voices heard
and played a part in getting tax reform passed. This is what democracy looks like. Hoteliers are
eager to put this tax cut to work and ignite local economies across the country. The final bill
contains many of the provisions AAHOA members requested, and we are optimistic about
opportunities for economic growth. This tax cut is a ringing endorsement of our free enterprise
system that gives small business owners and entrepreneurs the chance to save and reinvest more
of their own money to keep America’s economic engine powering along.”
Among the many provisions in the final bill, some of the highlights for AAHOA members include:
- A 20% deduction for pass through income, which encourages hoteliers to reinvest capital
to raise wages, hire new employees, and expand their businesses. - Lower individual taxes through the development of new brackets that create savings for
small business owners. - Like-kind exchanges for real estate are preserved, which allows hoteliers critical capital
access to invest in new properties, create jobs and develop businesses. - Full and immediate expensing of business assets is allowed which enables hoteliers to
modernize their properties. - The estate tax exemption is doubled making it easier for AAHOA members to pass family
businesses to the next generation of hoteliers. - The tax cuts for individuals and working families creates more discretionary income that
they use disproportionately on vacations and business travel which is a boon to the tourism
and hospitality industries. Cutting taxes on small business owners will encourage
investment in employees, and cultivate business development and expansion.
