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Scare of New Rules on Expense Deductions Hurts Hotels
The hotel and restaurant industries nationwide faced sharp declines in the first half of the year. Industry leaders blamed stricter expense account deduction rules as a key factor, though some cited confusion and overbuilding as contributing factors. In New York City, occupancy fell while restaurants reported lower sales, with estimates suggesting a potential multibillion dollar impact. Industry spokesmen stressed that costs and rules are affecting business sentiment but that education about the tax structure helps.
MENTIONED IN THIS ARTICLE
New York
New York City
SSS
Hotel Power
Snto Receis
Cen Association
Tomnent
Elasion
Washington
Department Sane
Horwath
Anti Lin Commerce
William ‘Thomas
Art
Vale
San Francisco
Charlence F
Delano
Golden Gate
Dan Madsen
Beverly
Hilton