Information Technology Industry Council President & CEO Dean Garfield issued the following statement after the House Ways and Means Committee released its proposal for comprehensive tax reform:
“We welcome the release of Ways and Means Committee Chairman Dave Camp’s (R-MI) proposal for comprehensive tax reform. Our current tax code is outdated and a serious obstacle to economic revitalization and growth. Continuing upon his previous work and bipartisan efforts with former Senate Finance Committee Chairman Max Baucus (D-MT), today’s draft represents another important step on the road to real reform. While there are sections of the proposal that require careful consideration and debate, Chairman Camp deserves credit for exercising leadership in the face of the alluring pull of inertia.
As we continue to review the draft, ITI looks forward to working with the Chairman and members of the Committee to develop pro-growth tax reform that includes a competitive market-based tax system, a lower corporate tax rate, and permanent incentives for research and development that reinforce the United States as the world leader in global innovation, particularly throughout the information technology sector. We also stress that these policies should not discriminate among technologies as the research and development (R&D) credit is a major driver across all sectors of the innovation economy. Of particular concern, for example, is a provision that suggests the elimination of the R&D credit for developing software. These elements are all essential to crafting a modern tax code that creates jobs, sparks investment, and reflects the realities of today’s global marketplace.”
The Information Technology Industry Council (ITI) is the premier advocacy and policy organization for the world’s leading innovation companies. ITI navigates the relationships between policymakers, companies, and non-governmental organizations, providing creative solutions that advance the development and use of technology around the world.
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