WASHINGTON – The National Retail Federation today released the following statement from Executive Vice President of Government Relations David French, reaffirming support for the House-passed Tax Relief for American Families and Workers Act (H.R. 7024) ahead of Thursday’s expected vote in Senate.
“This pivotal bipartisan bill aims to reignite key pro-growth policies: immediate research and development expensing, full expensing for equipment and technology purchases and a sensible business interest deduction. These measures are crucial for driving domestic investment, sparking innovation and creating jobs for American workers.
“Enabling businesses to invest in state-of-the-art technologies will help retailers enhance operational efficiency industry-wide. The reinstated full expensing for equipment and machinery will provide critical relief to retailers large and small, helping them modernize, adapt to shifting consumer trends and stay competitive in a rapidly evolving market. Additionally, a streamlined business interest deduction will alleviate financial pressures on retail enterprises, fostering growth and building a robust, resilient retail ecosystem.
“NRF strongly supports this legislation, which promises a stronger, more dynamic economy that benefits American families and workers.”
As the leading authority and voice for retail, NRF will continue to champion policies that drive economic growth.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
