US' NRF backs Senate budget reconciliation bill for tax relief, growth
'Retailers are deeply invested in policies that fuel consumer spending, support small businesses and create the certainty needed for long-term business investment. This legislation delivers key tax provisions, including maintaining the corporate tax rate at 21 per cent, restoring immediate expensing for domestic R&D, reinstating the EBITDA-based limitation on business net interest deductions, and encouraging substantial investments in infrastructure and construction,' NRF executive vice president of government relations David French said in a press release.
NRF has urged the US Senate to pass the budget reconciliation bill, citing its potential to deliver vital tax relief and stimulate economic growth. The bill includes maintaining the 21 per cent corporate tax rate, restoring R&D expensing, and supporting infrastructure investment. NRF called it a balanced measure promoting competitiveness and job creation.
'This bill is a balanced approach that will empower consumers, incentivise business investment and promote global competitiveness. This legislation is a balanced package that advances those goals, helping retailers create jobs and invest in communities across the country.'
NRF has also sent a key vote letter in support of the House and Senate versions of the budget reconciliation bill.
'NRF will continue to advocate for passage of this legislation and will work with lawmakers to ensure tax policy that supports American businesses and consumers,' the release added.
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