ITI Outlines 2025 Tax Priorities to Congressional Leadership
WASHINGTON – Today, global tech trade association ITI sent a new letter (opens in a new tab) to U.S. House Ways and Means Committee Chairman Jason Smith (R-MO) and other members of Congressional leadership outlining key tax policies that impact U.S. innovation, global competitiveness and leadership, and U.S. economic growth and job creation.
“By addressing these critical tax policies, Congress can foster an environment that promotes innovation, protects U.S. economic interests, and ensures that the United States continues to lead in the global technology landscape,” wrote ITI President and CEO Jason Oxman in the letter.
ITI recommends that lawmakers focus on these priority U.S. tax policies:
- Restoring the ability to deduct research and development (R&D) expenses in the current year, which would drive future innovation and economic growth and benefit American workers, businesses, and communities;
- Preserving the corporate income tax rate to provide certainty and stability to the business community;
- Driving U.S. competitiveness through U.S. international tax provisions that remove barriers in foreign markets and protect U.S. companies’ intellectual property;
- Improving the design of the Corporate Alternative Minimum Tax to reduce complexity and enhance compliance efficiency;
- Ensuring that Pillar Two does not hamper U.S. innovation by placing an additional burden on U.S. companies; and
- Extending the construction deadline in the Advanced Manufacturing Investment Tax Credit (Section 48D) so more stakeholders across the U.S. semiconductor supply chain can access the incentive and undertake large multi-year investments that advance U.S. national and economic security and semiconductor leadership.
Read the full letter here. (opens in a new tab)