The cost of remodeling stores is now 40 times more expensive because of a typo in the tax law. This typo, known as the “retail glitch,” is keeping retailers from much needed cash to make improvements to their businesses. Congress knows it made a mistake and have refused to act because of partisan politics.
The time is now for Congress to fix the retail glitch. Failure to act means most retailers, restaurants and grocery stores face:
- Higher costs of making investments
- The retail glitch makes investments 40 times more expensive.
- Burdensome and costly additional accounting hours
- Retailers will file their tax returns following the mistake in the law and then face hundreds of accounting hours to amend their tax returns when Congress finally fixes their error.
Retailers suffer because Congress didn’t do its work. Tell Congress to fix the retail glitch.