ITI Statement on U.S. House Passage of Build Back Better Act
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman in response to the passage of the Build Back Better Act in the U.S. House of Representatives:
“U.S. companies lead the world in the delivery of technology goods and service, including to the 95 percent of consumers who live outside the U.S. While the Build Back Better Act as passed by the U.S. House of Representatives supports companies’ ability to keep their intellectual property in the U.S., invest in research and development, and accelerate semiconductor production, its international tax provisions would still hamper the overall competitiveness of globally-engaged U.S. employers. Certain provisions would impose new worldwide interest limitations and discourage expansion, increase the base erosion and anti-abuse tax rate, and put the U.S. at a disadvantage by increasing its minimum rate before other countries adopt similar rules. As negotiations continue, it is imperative that lawmakers consider the essential role the U.S. international tax system plays in supporting the ability of the U.S. to compete on a global stage and promote innovation. We look forward to continuing to work with U.S. Congress on these provisions.”
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