ITI: Congress Must Advance Tax Bill to Drive U.S. Competitiveness and Growth
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman welcoming the bipartisan passage of the Tax Relief for American Families and Workers Act of 2024 by the U.S. House of Representatives:
“ITI is encouraged by the strong bipartisan support for the Tax Relief for American Families and Workers Act. This comprehensive legislation will enhance U.S. competitiveness and economic growth by expanding investments in U.S. research and development. Doing so will drive future innovation and economic growth and benefit American businesses and communities. We urge the U.S. Senate to pass this important measure as soon as possible.”
The Tax Relief for American Families and Workers Act of 2024 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.