IPC Welcomes Trump Administration’s Framework on U.S. Tax Code

On September 27, 2017, the framework for tax reform was released, which reflects the agreement reached by the White House and Republican leaders of the House Ways and Means Committee and the Senate Finance Committee. According to the authors of the framework, it is intended to serve as a “template” for the committees of jurisdiction as they develop a legislative proposal.

Some of the highlighted points in the framework related to businesses are included below.

• Top rate of 25% for S corps
• Top rate of 20% for C corps
• Eliminate the corporate Alternative Minimum Tax (AMT)
• Write off the cost of new capital investments for 5 years
• Limit on the deductibility of interest
• Eliminate most tax deductions, but will keep the R&D tax credit
• Transition to a territorial system

IPC has and continues to support:

• a lower corporate tax rate;
• a strengthened R&D tax credit (including an increase to the alternative simplified credit making it 20%); and
• making bonus depreciation permanent.

The full tax reform framework can be viewed here: https://waysandmeansforms.house.gov/uploadedfiles/tax_framework.pdf

The one-page overview of the tax reform framework can be viewed here:
https://waysandmeansforms.house.gov/UploadedFiles/Tax_Framework_1pager.pdf

The IPC statement on the tax reform framework can be viewed here:
IPC Welcomes Trump Administration’s Framework on U.S. Tax Code

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