The Semiconductor Industry Association (SIA), representing U.S. leadership in semiconductor manufacturing, design, and research, today released the following statement from SIA President & CEO John Neuffer in support of the corporate tax reform bill reported out of the Senate Finance Committee.
“SIA supports the corporate tax reform elements in the bill reported by the Senate Finance Committee on Nov. 16. This bill includes several important provisions to make U.S. semiconductor companies more globally competitive. These include lowering the corporate rate to 20 percent, modernizing our international tax structure, providing for the distribution and favorable treatment of intellectual property repatriated to the U.S., and appropriate transition rules for historical foreign earnings. SIA looks forward to engaging with Congress to address any changes that may be needed to improve the bill and to enact its many important reforms.
“America’s outdated tax system places U.S. businesses at a disadvantage to overseas competitors and makes it harder for U.S. semiconductor companies to grow and innovate. The Senate Finance Committee bill represents a significant step toward modernizing the corporate tax code and improving the competitiveness of the U.S. semiconductor industry, and we look forward to working with policymakers to ensure it is enacted.”