WASHINGTON, DC (Nov. 16, 2017) – The National Grocers Association (NGA) President and CEO Peter J. Larkin today issued the following statement upon the passing of H.R. 1, The Tax Cuts and Jobs Act.
Larkin said: "NGA Commends the House for passing H.R. 1, The Tax Cuts and Jobs Act, which is another important step toward ultimately achieving tax reform. We are pleased the bill lowers the corporate rate to 20 percent and retains many important tax provisions that drive growth in the independent supermarket industry, such as the interest expense deduction, the advertising deduction, and the LIFO accounting method. In addition, permanently ending the estate tax will allow family-owned business to pass their stores to the next generation.
"NGA is concerned, however, regarding the treatment of pass-throughs in the bill. Recently, NGA and 85 of our member companies and allied state associations from across the country sent a letter to the House urging parity between c-corps and pass-through entities. Tax reform that precludes a large portion of American companies from taking full advantage of relief only hampers potential growth opportunities for Main Street businesses. NGA calls on the Senate to address this important issue. We remain committed to working with both the House and Senate to support a final bill that ensures all businesses can take full advantage of tax reform so they can continue to invest in their communities and create local jobs."