Washington,
D.C. — TechNet, the national, bipartisan network of innovation economy
CEOs and senior executives, today commented on the Tax
Cuts and Jobs Act (H.R.1), which was passed yesterday by
the House Ways and Means Committee. The bill is expected to come to the
floor of the House of Representatives for a vote next week.

The
following statement can be attributed to Linda Moore, President and CEO of
TechNet:

“We
appreciate the determination Chairman Brady and his colleagues on the House
Ways and Means Committee have shown to enact tax reform legislation this year. This is not an easy task, and we appreciate
their willingness to listen to the community of job creators engaged in making
sure we seize the opportunity to modernize the tax code in a way that supports
innovation and investment in the United States.

“As
this process continues, we continue to support policies included in the House
bill that lower the corporate tax rate immediately, preserve the R&D tax
credit, restore the Investment Tax Credit, and leave in place the ability of startups
to compete for talent by being able to offer more ownership opportunities to
their workers.

“While
the committee has acted swiftly this week, this process is far from over. We will continue working to achieve an
effective and fair territorial tax system, address lingering problems with the
excise tax, reduce the new excessive repatriation rates, make sure employers of
all sizes can compete for talent, and eliminate concerning R&D provisions
that were added to the bill late in the committee process and would discourage
R&D investments in the U.S. by making them more costly.

“We
urge the House to continue working with job creators to resolve outstanding
concerns before a final bill is sent to the President’s desk. For our part, we will continue to closely
review the impact of this bill and future amendments, as well as the Senate
bill, and work to ensure we do everything possible to seize this
once-in-a-generation opportunity to spur innovation and economic growth across
the nation.

“At
the end of the day, the goal here should be to maximize economic growth, job
opportunities, and prosperity for the American people. While there is much more work to be done, we remain
optimistic Congress will find the right way to craft meaningful tax reform
legislation.”