SIA Applauds Congressional Approval of Corporate Tax Reform
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 commending congressional passage of the tax reform conference report.
“Congressional approval today of legislation to reform America’s outdated corporate tax system is a welcome and long-overdue win for the U.S. semiconductor industry and a major step toward sustaining U.S. leadership in semiconductor research, design, and manufacturing.
“The bill includes several important provisions that SIA has long supported to improve the global competitiveness of U.S. semiconductor companies. These include lowering the corporate rate to a globally competitive level of 21 percent, modernizing our international tax structure, and preserving the R&D tax credit. Repeal of the corporate Alternative Minimum Tax (AMT) in the final bill was an important measure to protect the utility of the R&D credit, an essential tool used by U.S. semiconductor companies to stay at the head of the class in semiconductor innovation.
“SIA applauds Congress for approving this much-needed legislation and looks forward to seeing President Trump sign it into law in the coming days.”