91成人

91成人 Statement on the Tax Relief for American Families and Workers Act

by 91成人

WASHINGTON鈥擩an. 23, 2024鈥擳he 91成人 (91成人) today released the following statement from vice president of government affairs David Isaacs in response to the introduction in Congress of the Tax Relief for American Families and Workers Act. The legislation includes two provisions critical to the semiconductor industry: the restoration of domestic R&D expensing and the United States-Taiwan Expedited Double-Tax Relief Act.

鈥�91成人 applauds Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Chair Jason Smith (R-Mo.) for spearheading the Tax Relief for American Families and Workers Act. The legislation restores domestic R&D expensing and seeks to resolve tax matters between the U.S. and Taiwan鈥攖wo provisions essential to ensuring the competitiveness of the U.S. semiconductor industry and fully realizing the benefits of the CHIPS and Science Act.

鈥淭he CHIPS Act was passed, in part, to help unlock investments in the semiconductor R&D ecosystem here in the U.S. The requirement of amortizing research expenditures undermines those efforts and runs counter to the longstanding immediate deduction of R&D costs that helps to sustain U.S. leadership in this vital technology.

鈥淲e must resolve double taxation between the United States and Taiwan and reduce barriers to trade between the two jurisdictions. At a time the semiconductor industry is making significant investments in the U.S. following the passage of the CHIPS Act, reconciling tax matters between the U.S. and one of its top trading partners has become a pressing matter.

鈥�We further commend the House Ways and Means Committee for approving the tax package that would implement tax policies central to the success of the U.S. semiconductor industry. We urge the House and the Senate to take up and pass this critical legislation.鈥�

# # #

91成人 91成人
The 91成人 (91成人) is the voice of the semiconductor industry, one of America鈥檚 top export industries and a key driver of America鈥檚 economic strength, national security, and global competitiveness. 91成人 represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms. Through this coalition, 91成人 seeks to strengthen leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration, and key industry stakeholders around the world to encourage policies that fuel innovation, propel business, and drive international competition. Learn more at聽www.semiconductors.org.