NRF Welcomes Senate Finance Committee's Budget Bill for Tax Certainty
The National Retail Federation (NRF) has welcomed the progress of a budget bill by the Senate Finance Committee, led by Chairman Mike Crapo. The bill offers long-term tax certainty, benefiting businesses and families across America.
The bill secures key tax provisions, making them permanent. These include the Section 174 R&D amortization fix, EBITDA-based Section 163(j) interest deduction, and 100% bonus depreciation. This allows retailers to invest in their employees, stores, and supply chains.
The NRF, which supports 55 million jobs and contributes $5.3 trillion to the nation's annual GDP, appreciates the bill's maintenance of the competitive 21% corporate tax rate. It also protects against a significant $4 trillion tax hike looming at the end of 2025. The NRF sees this legislation as a means to alleviate economic headwinds and strengthen incentives for domestic investment, fostering innovation and job creation.
The NRF, under the leadership of its current Vice President of Communications and Public Affairs, has pledged to advocate for the swift passage of this legislation. It will continue to work with lawmakers to ensure tax policies that support American businesses and consumers.
