ITI: Congress Must Advance Tax Relief for American Families and Workers
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman welcoming the introduction of the Tax Relief for American Families and Workers Act of 2024 by U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) and U.S. House Ways and Means Committee Chairman Jason Smith (R-MO):
“Senator Wyden and Congressman Smith’s comprehensive bipartisan legislation takes key steps to bolster U.S. competitiveness. Incentivizing research and development investment in the U.S. will not only drive future innovation and economic growth but will also benefit consumers, create new jobs, and advance U.S. economic leadership globally. ITI urges lawmakers on both sides of the aisle to advance this important package through the U.S. Congress.”
The Tax Relief for American Families and Workers Act of 2024 includes several provisions ITI has advocated for including currently allowing 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.