On October 15, 2024, the global tech trade association ITI addressed a letter to U.S. House Ways and Means Committee Chairman Jason Smith and other congressional leaders. The letter outlined significant tax policies impacting U.S. innovation, competitiveness, economic growth, and job creation.

ITI President and CEO Jason Oxman stated in the letter: “By addressing these critical tax policies, Congress can foster an environment that promotes innovation, protects U.S. economic interests, and ensures that the United States continues to lead in the global technology landscape.”

The association recommended several key tax priorities for lawmakers:

- Restoring the ability to deduct research and development expenses in the current year to stimulate future innovation and economic growth while benefiting American workers, businesses, and communities.

- Preserving the corporate income tax rate to ensure certainty and stability for businesses.

- Enhancing U.S. competitiveness through international tax provisions that eliminate barriers in foreign markets and protect intellectual property of U.S. companies.

- Improving the Corporate Alternative Minimum Tax design to reduce complexity and improve compliance efficiency.

- Ensuring that Pillar Two does not impose additional burdens on U.S. companies that could hinder innovation.

- Extending the construction deadline in the Advanced Manufacturing Investment Tax Credit (Section 48D) to enable more stakeholders across the semiconductor supply chain to access incentives for large multi-year investments crucial for national security and semiconductor leadership.