Congress Must Pass Key R&D Tax Provisions to Drive Growth
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman urging Congress to pass tax provisions that allow immediate research and development expensing:
“Research and development fuel the U.S. economy. Yet once again, Congress failed to pass key R&D tax provisions to allow investment expenses to be taken in the current year. Failing to invest in R&D puts U.S. jobs and technological leadership at risk. We urge Congress to pass these measures to drive future innovation and economic growth and benefit American workers, businesses, and communities.”
ITI called on the U.S. Congress to pass the Tax Relief for American Families and Workers Act of 2024, which includes several provisions ITI has advocated for including allowing immediate research and development expensing, bolstering interest deductibility, bonus depreciation, and removing the current double taxation that exists for organizations that do business both in the United States and Taiwan.