With just days left before Congress adjourns for the year, ITI urges the Senate to pass H.R. 5771, the Tax Increase Prevention Act of 2014. For the tech sector, passing this bill ensures the renewal and extension of the R&D tax credit, a successful tax incentive proven to stimulate investments and job growth.
More immediately, if Congress fails to pass extenders legislation it would trigger an immediate tax increase that will pinch the wallets of American families and impact businesses at a time when we should be working to keep the broader economy humming. For these reasons, especially in the absence of comprehensive tax reform, ITI sent this letter to the Senate today indicating our support for extending these important tax provisions and intend to key vote H.R. 5771.
Once again, we urge Congress to choose growth over gridlock.