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February 1, 2024 | SIAEstimated reading time: Less than a minute
The Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer commending House passage tonight of the Tax Relief for American Families and Workers Act. The legislation includes two provisions critical to the semiconductor industry: the restoration of immediate domestic R&D expensing and the United States-Taiwan Expedited Double-Tax Relief Act. The bill passed by a vote of 357-70.
“The Tax Relief for American Families and Workers Act would strengthen the U.S. semiconductor industry by promoting innovation and removing impediments to business with one of our top trading partners, Taiwan. The legislation restores immediate domestic R&D expensing and aims to resolve tax matters between the U.S. and Taiwan, two provisions critical to boosting the competitiveness of the U.S. semiconductor industry and reaching the full potential of the CHIPS and Science Act. We applaud the House for approving the bill with strong, bipartisan support and urge the Senate to swiftly follow suit.”
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