WASHINGTON – Today, ITI, the global voice of the tech sector, applauded the passage of the Tax Cuts and Jobs Act, the first major tax reform bill to pass Congress in three decades.
“The 1980s were a great decade, but we are overdue for bringing our tax policy into the 21st Century,” said ITI president and CEO Dean Garfield. “We commend the House and the Senate for their work on this important legislation. Updating the 30-year-old U.S. tax code is an essential step toward a more competitive and rational system for the U.S. Further, this monumental new law will help support U.S. global leadership in developing new innovative technologies. As implementation begins, ITI will remain an engaged voice in the conversation. We will continue to work with lawmakers and stakeholders to refine these policies as they take shape in practice, and do everything we can to ensure they boost the ability of businesses of all sizes to continue to create tech jobs in the U.S. and around the world.”
The bill includes key priorities to the high-tech community, including:
- Lowering the corporate rate, from one of the highest rates in the developed world, to make the U.S. more competitive in the global arena.
- Retaining the Research and Development credit and keeping it permanent, which will help propel innovation.
- Adopting a competitive territorial tax system to align the U.S. tax system with the rest of the world.
Earlier this week, ITI announced its support of the legislation in a key vote letter to members of Congress.