WASHINGTON – Today the technology industry trade group ITI, the global voice of the tech sector, released a statement from president and CEO Dean Garfield commending the Senate for passing much-needed tax reform legislation:
“Tax reform is needed to build a more competitive economy. Last night’s Senate action moves us closer to meeting this goal. U.S. tech companies are facing aggressive tax policies around the globe and our tax policies here at home are hurting our ability to compete on an international playing field. This bill takes steps toward addressing these serious challenges. We look forward to working with the House and the Senate to address outstanding issues and ensure we send a robust, pro-growth tax bill to the President’s desk.”
ITI has been a leading voice for tax reform and considers tax reform a key legislative priority. 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.