Arlington, VA, 2014-3-25 — /EPR Retail News/ — On behalf of the National Grocers Association (NGA), Peter J. Larkin, NGA President and CEO sent a letter to House Ways and Means Committee Chairman Dave Camp (R-MI), outlining concerns with the his draft proposal to overhaul the nation’s tax code. Specifically, NGA addressed the negative impacts that the exclusion of non-manufacturing S-corporations from a lower corporate tax rate and the repeal of the Last In, First Out (LIFO) accounting method would have on independent grocers.
“NGA strongly supports comprehensive tax reform that provides relief for both C-Corporations and pass-through entities and maintains LIFO as an acceptable accounting practice,” Larkin said. “We have long advocated for a national tax structure that is fair, balanced, and equitable so grocers can continue to grow their businesses and create jobs. Unfortunately, the current draft proposal continues to pick winners and losers in the tax arena and provides little to no relief for many of our members. NGA remains committed to continuing to work with the Chairman and other members of the Committee on this important effort.”
Over half of NGA member companies operate as pass-through entities and 37 percent operate as a C-Corporation. Additionally, nearly 60 percent of NGA member companies use LIFO as an accounting practice that is important to their business.
Click here to read Larkin’s letter.