IPC Applauds Congress on Passing the Tax Cuts and Job Act
IPC – Association Connecting Electronics Industries® applauds Congress for passing the Tax Cuts and Jobs Act, which received its final stamp of approval from the House today, following Senate approval yesterday. The bill now heads to President Trump for his signature, which is expected within days.
“IPC congratulates Congress for its action in passing comprehensive tax reform,” said John Mitchell, IPC president and CEO. “The former tax code was overly complex and not conducive to U.S. global competitiveness. IPC believes this reform will promote competitiveness and innovation in the U.S. electronics manufacturing industry, and it will have spillover benefits to the rest of the world, as well. We look forward to helping our members understand the changes, and continuing our advocacy work in support of policies that encourage broad-based economic growth.”
Several provisions in the bill were actively supported by IPC. Among those, the 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.