The National Grocers Association (NGA) issued the following statement Feb. 1 from Chief Government Relations Officer and Counsel Chris Jones following the U.S. House of Representatives passage of H.R. 7024, the Tax Relief for American Families and Workers Act:
“On behalf of independent community grocers nationwide, we commend the House for voting to expand critical pro-growth policies that have been a lifeline for independent grocers, including one hundred percent bonus depreciation and expanded interest expense deductibility. Both policies are proven to help grocers to reinvest in their stores and drive economic growth in their local communities.”
The bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit.
Washington, D.C.-based NGA is the national trade association representing the retail and wholesale community grocers that comprise the independent sector of the food distribution industry. An independent retailer is a privately owned or controlled food retail company operating a variety of formats.
The independent grocery sector is accountable for about 1.2 percent of the nation’s overall economy and is responsible for generating more than $250 billion in sales, 1.1 million jobs, $39 billion in wages and $36 billion in taxes.
NGA members include retail and wholesale grocers located in every congressional district across the country, as well as state grocers’ associations, manufacturers and service suppliers.
Read more association news from The Shelby Report.