Retailers Fume Over Tax Law Typo That Makes Renovations Pricier
- Target, Best Buy and others urge Congress to take quick action
- Fix at mercy of Democrats who are running against tax overhaul
Photographer: Victor J. Blue/Bloomberg
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Retailers and restaurants were supposed to be the big winners under the Republican tax law, but a last-minute drafting error that doubles the tax costs for badly needed store renovations could eat into those gains.
Now the industry, led by Target Corp., Best Buy Co. and KFC-owner Yum! Brands Inc., is becoming more aggressive in pushing for a solution. In letters and visits to Washington last week, representatives urged congressional leaders of both parties to correct what’s been dubbed the “retail glitch.” While GOP leaders acknowledge the mistake, they haven’t guaranteed a quick fix.