WASHINGTON – Today the technology industry trade group ITI, the global voice of the tech sector, expressed its support of the Senate tax reform bill as the measure advances to the Senate Floor:
“We recognize that we are at a critical point in the reform effort to build a stronger and more inclusive economy. We are committed to that goal and as such offer our support to the Senate bill as passed by the Finance Committee," said ITI president and CEO Dean Garfield. "Technology companies face increasingly complex and highly aggressive tax policies around the world. The out of date U.S. tax code is one of the key reasons why tax reform is an essential step towards creating a more competitive and rational system for the nation.
“The legislation working its way through the Senate creates business certainty, incentivizes innovation here in the U.S., and levels the playing field. As the House and Senate bills are merged, we hope to continue to work with both Chambers to address outstanding issues and work on technical changes to further improve the legislation.”
ITI has been a leading voice for tax reform. ITI thanked the House of Representatives for prioritizing tax reform, earlier. The tech industry considers tax reform a key legislative priority, and ITI has outlined its key priorities for Congress to update the tax code by:
- Lowering the corporate rate.
- Moving to a territorial system in which profits are taxed where they occur.
- Incentivizing and investing in innovation through a permanent R&D tax credit.