ITI: U.S. Senate Should Pass Critical Tax Legislation
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman ahead of the U.S. Senate cloture vote on the Tax Relief for American Families and Workers Act.
“The bipartisan Tax Relief for American Families and Workers Act will incentivize research and development investments, bolster economic growth and job creation, and ensure the U.S. stays ahead in the innovation race. Senators on both sides of the aisle can demonstrate their clear commitment to U.S. competitiveness and global leadership tomorrow by voting in support of the bill.”
The Tax Relief for American Families and Workers Act of 2024 includes several provisions ITI has advocated for including allowing current 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.