Jason Oxman President and Chief Executive Officer at Information Technology Industry Council | Official website
Apr 16 2024
WASHINGTON – Global tech trade association ITI has called on Congress to prioritize the passage of crucial research and development (R&D) tax provisions to stimulate economic growth. In a statement released today, ITI's President and CEO, Jason Oxman, emphasized the significance of these provisions, urging Congress to take action promptly.
"Research and development fuel the U.S. economy. Yet once again, Congress failed to pass key R&D tax provisions to allow investment expenses to be taken in the current year. Failing to invest in R&D puts U.S. jobs and technological leadership at risk. We urge Congress to pass these measures to drive future innovation and economic growth and benefit American workers, businesses, and communities," stated Oxman.
ITI specifically highlighted the importance of passing the Tax Relief for American Families and Workers Act of 2024, which includes provisions advocated for by the association. These provisions encompass immediate research and development expensing, bolstering interest deductibility, bonus depreciation, and addressing the current double taxation faced by organizations operating in both the United States and Taiwan.
The proposed measures aim to create an environment conducive to innovation and economic advancement, ultimately benefiting various stakeholders within the American economy. As ITI urges Congress to act swiftly on these tax provisions, the focus remains on fostering a supportive framework for research and development that is crucial for driving growth and ensuring the competitiveness of the United States in the global technology landscape.
