Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today sent a letter from TechNet CEO Linda Moore to House and Senate leadership, urging them to prioritize innovation, economic growth, and America’s global competitiveness in federal tax policy as they continue with the ongoing budget reconciliation process.
“As Congress considers tax reform in the ongoing budget reconciliation process, it is important to prioritize U.S. tax policies that support innovation, spur economic growth, and strengthen the global competitiveness of American businesses,” said TechNet CEO, Linda Moore. “We urge Congress to improve our tax system to better serve American businesses, workers, and consumers by preserving a globally competitive corporate tax rate, supporting start-ups and entrepreneurs, enhancing research and development incentives, encouraging advanced manufacturing in the United States, and reducing unnecessary and inefficient reporting burdens on U.S. companies. The U.S. tax system is a critical part of our economic success, ensuring that America remains at the forefront of global innovation. These improvements to the tax code will further strengthen our economic leadership.”
The letter highlights several key tax priorities, including maintaining the current 21% corporate tax rate, preserving the current tax treatment of Qualified Small Business Stock, reinstating businesses R&D deductions in the year they are incurred, extending the 25% advanced manufacturing investment credit under the CHIPS and Science Act, and reinstating the $20,000 threshold for 1099-K reporting.
The full text of the letter can be read here.