Arlington, Va. The Retail Industry Leaders Association has expressed support for an economic stimulus that directs broad-based relief to low- and middle-income American workers and their families.
RILA wrote a letter addressed to congressional leaders signed by 12 retail executives that expressed the urgent need to put more money into the hands of low- and moderate-income consumers. The letter also provided incentives for homeowners and prospective homebuyers to make investments that could ultimately have a stabilizing effect on the housing market.
Among the provisions expressly noted in the letter are the “Making Work Pay” tax credit, the increase in the earned income tax credit, the increase in eligibility for the refundable portion of the child credit, and the refundable first-time homebuyer credit.
The letter also expressed the importance of incentives imperative to the vitality of business that include an increased carry back period for net operating losses to five years, extended bonus depreciation, with a provision that allows greater flexibility for the retail industry and expanded Work Opportunity Credits for disconnected youth and unemployed, recently discharged veterans.
"RILA encourages Congress to act quickly to pass economic stimulus that directs broad-based relief to American workers and their families, and includes important measures that will help American businesses remain competitive and grow," said RILA president Sandy Kennedy.