WASHINGTON – The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French after the U.S. House of Representatives voted to pass H.R. 7024, the Tax Relief for American Families and Workers Act:
“The National Retail Federation commends the House for its approval of the Tax Relief for American Families and Workers Act. This bipartisan effort to restore critical pro-growth policies, including immediate expensing of research and development expenses, full expensing for equipment and technology purchases, and a rationalized business interest deduction, will boost domestic investment, foster innovation and generate employment opportunities for the American workforce.
“These measures will empower businesses to invest in cutting-edge technologies that will enhance their operational efficiency. The reinstated full expensing for equipment and machinery purchases will enable retailers to modernize their infrastructure, adapt to changing consumer trends and stay competitive in an evolving market landscape. The more sensible business interest deduction will ease financial burdens on retailers and will create a more resilient retail ecosystem.
“This legislative milestone aligns with our shared vision for a vibrant and thriving retail industry in the U.S., and we urge the Senate to take up this legislation and pass it immediately.”
NRF submitted a key vote letter encouraging support for this legislation in both the House and Senate. NRF and 35 state retail trade associations also signed this letter of support.
As the leading authority and voice for retail, NRF will continue to advocate for policies that foster economic growth.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail thrive. 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 $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 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