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The trade group's thoughts were expressed in a letter to congressional leaders.
The Retail Industry Leaders Association (RILA) has expressed its support for an economic stimulus plan that brings broad-based relief to low- and middle-income American workers and their families, as well as including important business incentives, in a letter to congressional leaders signed by 12 retail executives.
The letter stresses the critical need to put more money into the hands of low- and moderate-income consumers as well as offer incentives for homeowners and prospective home buyers to make investments that will ultimately stabilize the housing market. Among the provisions spotlighted 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 home buyer credit.
Additionally, the letter from the Arlington, Va.-based trade group noted the importance of such business incentives as 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 disaffected youth and unemployed, recently discharged veterans.