ITI: Pro-Growth Tax Measures in Budget Package Will Strengthen U.S. Innovation Sector
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman following the U.S. House of Representatives passage of the budget reconciliation package, which includes several pro-growth tax provisions.
“The reconciliation package will be crucial to ensuring the U.S. remains a leader in global innovation and technology development. We thank lawmakers for including several provisions that bolster U.S. competitiveness and provide U.S. companies with a more level playing field against their international competitors such as maintaining the current GILTI, FDII, and BEAT rates. As the bill heads to the Senate, we urge lawmakers to work with industry to create a permanent extension for restoring research and development (R&D) expensing. Doing so will boost job growth, incentivize critical R&D, and support President Trump’s aim of ensuring U.S. AI and advanced manufacturing thrive.”