SIA - Semiconductor Industry Association
07/30/2024 | Press release | Distributed by Public on 07/30/2024 16:25
SIA Urges Senate Passage of Tax Relief for American Families and Workers Act
SIA Urges Senate Passage of Tax Relief for American Families and Workers Act
Tuesday, Jul 30, 2024, 4:30pmby Semiconductor Industry Association
WASHINGTON-July 30, 2024-The Semiconductor Industry Association (SIA) today released the following statement from SIA President and CEO John Neuffer, urging Senate approval of the House-passed Tax Relief for American Families and Workers Act (H.R. 7024). The legislation, which the Senate is expected to vote on later this week, includes two provisions critical to the semiconductor industry: the temporary restoration of immediate domestic R&D expensing and the United States-Taiwan Expedited Double-Tax Relief Act. The House approved the bill in January in an overwhelmingly bipartisan vote of 357-70.
"SIA applauds the Senate for moving to consider the Tax Relief for American Families and Workers Act, and we urge the full Senate to pass this important legislation, which is vital to the global competitiveness of the semiconductor industry.
"Among its many provisions, the bill temporarily restores the longstanding policy of allowing the immediate, full deduction of domestic R&D investments. Doing so would help expand U.S.-based R&D and innovation, spur economic growth and job creation, strengthen America's tech workforce, and maximize the positive impact of the CHIPS & Science Act. The bill also seeks to resolve tax matters between the United States and Taiwan. As the semiconductor industry makes significant investments in the U.S. following CHIPS enactment, addressing tax matters between the U.S. and one of its top trading partners is timely and important.
"We commend Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Chair Jason Smith (R-MO) for their tireless efforts in advancing this critical legislation, and we look forward to working with Senate leaders to ensure this bill is passed and sent to the president's desk to be signed into law."
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