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It was all about Base Erosion and Profit Shifting (BEPS) for Congressional tax writers Tuesday. A number of experts testified on the Organisation for Economic Co-operation and Development’s (OECD) sprawling international tax project at hearings Tuesday morning at the House Ways and Means Committee, and that afternoon at the Senate Finance Committee. As discussed in an earlier TechWonk blog, the topic [...]
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ITI congratulates and welcomes new Ways and Means Chairman Kevin Brady (R-Tex.), and we ask that he waste no time in rolling up his sleeves to make tax extenders the first order of business for the committee in 2015. As the end of the year approaches, Congress faces a familiar task: passing the so-called tax extenders. This set of tax policies is critical to an assortment of businesses, community development [...]
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After two years of breakneck work, the Organisation for Economic Co-operation and Development (OECD) published its final reports last week on the Base Erosion and Profit Shifting (BEPS) project, which is aimed at coordinating international taxation among member countries. While this work may have drawn little attention from the general public, tax experts around the country are busy analyzing the impact [...]
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ITI released a letter commenting on the draft Innovation Promotion Act today. This bipartisan effort, led by Congressmen Charles Boustany, R-La., and Richard Neal, D-Mass., is a productive first step towards leveling the playing field for the United States in an increasingly competitive global environment. In recent years, ITI members have raised the alarm that our trading partners around the world [...]
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With just days left before Congress adjourns for the year, ITI urges the Senate to pass H.R. 5771, the Tax Increase Prevention Act of 2014. For the tech sector, passing this bill ensures the renewal and extension of the R&D tax credit, a successful tax incentive proven to stimulate investments and job growth. More immediately, if Congress fails to pass extenders legislation it would trigger an immediate [...]
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Now that Election Day has passed, Congress has returned to the nation’s capital this month for a lame duck session to finish work on a list of must pass items in the short time remaining this year. Much has been said about the gridlock that has plagued Congress and left it with few accomplishments to show, but there is still an opportunity for lawmakers to pass a bill that will do a great deal to grow [...]
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This week, the U.S. House of Representatives will consider H.R. 4438, the “American Research and Competitiveness Act,” which would simplify, enhance, and make permanent the research and development (R&D) tax credit. Put simply, this bill and this vote will increase investment, competitiveness, and job growth here at home. Establishing a permanent R&D tax credit, inclusive of all technologies, will [...]
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Hollywood’s movie magic historically begins with the bark of “Lights? Camera? Action!” Last night, President Barack Obama urged Congress to join him in “a year of action,” and Congresswoman Cathy McMorris Rogers (R-WA), in her response, echoed that sentiment with a call for “real action.” It appears there is growing hope for some policy magic on both ends of Pennsylvania Avenue. We at ITI agree [...]
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As President Barack Obama prepares to deliver the State of the Union address tomorrow night, many reporters, political experts, and pundits are whirling about, attempting to predict the substance of the speech. Meanwhile, we here in the tech sector see this speech as a chance to outline an agenda of opportunity – a chance for policymakers to create economic opportunity for our country. Here are 10 [...]
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The 113th Congress is poised to have a second half that is potentially as spectacular and certainly more significant than the historic comeback by the Indianapolis Colts in the National Football League playoffs this past weekend. Much like the football analysts on ESPN, the policy punditocracy have given up on the prospect for any real productivity from this Congress. We in the tech sector, however, [...]
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