ARLINGTON, Va. – The National Grocers Association’s (NGA) president and CEO, Peter J. Larkin, issued the following statement on Congress passing the most comprehensive tax reform package in over 30 years:
“Independent grocers across the country can feel more optimistic now that a once-in-a-generation tax reform bill has finally passed Congress and is on its way to the President’s desk for his signature. For years, independent supermarket operators have tried to keep pace with a rapidly-changing marketplace while operating in an industry with high effective tax rates on just one to two percent profit margins. This new weight lifted off their shoulders will allow stores to invest more in their companies, employees, and communities.
“This landmark legislation reflects the hard work of many independent supermarket operators who helped shape the final bill. We’re pleased this historic bill lowers rates for both C-corporations and pass-through businesses, and retains the many important policies that will significantly help entrepreneurs hire additional staff, expand offerings, and upgrade their stores. We look forward to President Trump signing the bill into law so independent grocers can be given much-needed and long-awaited tax relief.”
The National Grocers Association (NGA) is the national trade association representing the retail and wholesale 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 close to one percent of the nation's overall economy and is responsible for generating $131 billion in sales, 944,000 jobs, $30 billion in wages, and $27 billion in taxes. NGA members include retail and wholesale grocers, state grocers associations, as well as manufacturers and service suppliers. For more information about NGA, visit www.nationalgrocers.org.
Source: The National Grocers Association (NGA)