Budget bill key to retail growth & investment: NRF

In response to the Senate’s portion of the Republican mega bill by Senate Finance Committee Chairman Mike Crapo (R-Idaho), NRF executive vice president of government relations David French said, “The retail industry is the backbone of the American economy, supporting 55 million jobs and contributing $5.3 trillion to the nation’s annual GDP. By making key tax provisions permanent, including the Section 174 R&D amortisation fix, EBITDA-based Section 163(j) interest deduction, and 100 per cent bonus depreciation, this bill enables retailers to continue to invest in their employees, stores and supply chains, and the communities they serve.”

The NRF also praised the bill’s efforts to preserve the 21 per cent corporate tax rate and avert a looming $4 trillion tax hike set for the end of 2025. “This bill alleviates some economic headwinds and strengthens incentives for domestic investment. It provides retailers with the certainty needed to drive innovation and create jobs across America,” French said in a press release.

“NRF will continue to advocate for swift passage of this legislation and will work with lawmakers to ensure tax policy that supports American businesses and consumers alike,” he added.

ALCHEMPro News Desk (SG)