IPC – Association Connecting Electronics Industries® announced its support for the conference report on H.R. 1, the Tax Cuts and Jobs Act, which is under consideration in the U.S. House and Senate.
Final votes in each chamber are expected this week and could happen as soon as today.
Several measures supported by IPC are included in the conference report. The final bill lowers the corporate tax rate from 35 percent to 21 percent; allows full and immediate expensing of capital investments placed in service between September 27, 2017 and January 1, 2023; and safeguards the R&D tax credit. The bill also allows many small businesses that are organized as “pass through” companies to claim a 20 percent deduction for the non-wage portion of pass-through income.
“IPC applauds Congress for addressing tax reform with a bill that will strengthen the economy by promoting growth and investment,” said John Mitchell, IPC president and CEO. “We have advocated, on behalf of our members, for a tax reform package that lowers the corporate tax rate while keeping incentives for investment and growth, and this bill accomplishes that goal. We urge the Senate and House to pass it and the President to sign it into law.”