NRF Calls House Tax Proposal a Major Win for Retailers and the American Economy

WASHINGTON – The National Retail Federation today issued the following statement from NRF Executive Vice President of Government Relations David French in strong support of tax legislation sponsored by Chairman Jason Smith, R-Mo., that is scheduled for a vote by the House Ways and Means Committee.

“Chairman Smith’s tax package is a decisive step forward in ensuring a stable, pro-growth tax environment that will empower retailers to continue investing in their businesses, employees and communities. By extending key provisions of the Tax Cuts and Jobs Act — including full expensing, immediate research and development expensing, and enhanced interest deductibility — this legislation demonstrates a clear commitment to supporting innovation, job creation and economic expansion.

“Most notably, NRF celebrates the decision to exclude any changes to the business ‘SALT’ deduction as a revenue raiser — an outcome that reflects the reality that limiting the deduction would be inconsistent with the urgent need to maintain a competitive tax environment for American businesses. This critical victory underscores the essential role retailers play in fueling the U.S. economy.

“We are grateful to President Trump for his leadership to deliver on his campaign promises to invigorate the U.S. economy. We also commend Chairman Smith for his efforts to advance these priorities, and we urge the committee to move this legislation forward without delay. These provisions provide the certainty retailers need to modernize operations, grow their workforce and deliver unmatched value to American consumers.

“NRF remains steadfast in its commitment to championing policies that promote growth, innovation and economic resilience.”

Earlier this month, NRF brought together more than a dozen retail tax executives in Washington, to advocate before Congress and the administration for the extension of the Tax Cuts and Jobs Act.

As the leading authority and voice for retail, NRF will continue to champion policies that drive economic growth.

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