“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.
IPC (www.IPC.org) is a global industry association based in Bannockburn, Ill., dedicated to the competitive excellence and financial success of its 4,300 member companies which represent all facets of the electronics industry, including design, printed board manufacturing, electronics assembly and test. As a member-driven organization and leading source for industry standards, training, market research and public policy advocacy, IPC supports programs to meet the needs of an estimated $2 trillion global electronics industry. IPC maintains additional offices in Taos, N.M.; Washington, D.C.; Atlanta, Ga.; Brussels, Belgium; Stockholm, Sweden; Moscow, Russia; Bangalore and New Delhi, India; Bangkok, Thailand; and Qingdao, Shanghai, Shenzhen, Chengdu, Suzhou and Beijing, China.