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Restaurateur Carlos Gazzatula says bonus depreciation helped spur $3 million investment and 60 hires
Summary
Carlos Gazzatula, CEO of Sergio's Family Restaurants, told attendees that the first full year of recent tax changes, including bonus depreciation, enabled his chain to open a restaurant, hire more than 60 people and spend about $3 million in six to seven months; he urged policymakers to maintain feedback loops to assess real-world impacts.
Carlos Gazzatula, CEO of Sergio's Family Restaurants, told a public discussion on policy that recent business tax changes prompted his company to open a new restaurant and hire more than 60 employees in the last year.
Gazzatula said the chain "opened up a restaurant, took the bonus depreciation, and hired over 60 employees this year," and that the business spent "over $3,000,000 already in 6, 7 months." He credited business tax deductions for giving small business owners confidence to invest.
The restaurateur described restaurants as community gathering places and listed affected stakeholders, including small business owners and delivery drivers for Uber and DoorDash. He also noted the Florida Restaurant Lodging Association (FRLA) represents hotels and restaurants statewide and is being used to monitor what policies are working.
Gazzatula urged policymakers to build feedback loops so officials can see how policy affects businesses and adjust accordingly: "Policy is made, but then you have to have a feedback loop. You got to be able in any business to understand when you create policy, what are the impacts? How do we adjust?" He said that when businesses invest, hiring and wages tend to rise, which in turn increases local spending.
The remarks were presented as firsthand testimony about the effects of tax provisions on one multi-site restaurateur. The discussion did not include formal votes or policy decisions; Gazzatula said he had brought other restaurateurs to the event to share similar experiences.
