WASHINGTON – The National Retail Federation today issued the following statement from NRF Executive Vice President of Government Relations David French after Senate Finance Committee Chairman Mike Crapo, R-Idaho, released the Senate’s portion of the Republican megabill.
“NRF applauds Senate Finance Committee Chairman Mike Crapo and Senate leadership for advancing a budget bill that provides long-term certainty for American businesses and families.
“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 amortization fix, EBITDA-based Section 163(j) interest deduction, and 100% bonus depreciation, this bill enables retailers to continue to invest in their employees, stores and supply chains, and the communities they serve.
“We strongly support measures that maintain the competitive 21% corporate tax rate and protect against the $4 trillion tax hike that businesses face at the end of 2025. This bill alleviates some economic headwinds and strengthens incentives for domestic investment, providing retailers with the certainty needed to drive innovation and create jobs across America.
“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.”
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
