WASHINGTON DC – National Foreign Trade Council (NFTC) Vice President for International Tax Policy Anne Gordon released a statement following the passage of the reconciliation bill:
“We would like to once again thank Chairman Smith and the Ways & Means Committee and staff for their tireless work on this bill and Speaker Johnson and the leadership team for their efforts to bring critical U.S. tax legislation one step closer to becoming a reality.
“We congratulate the House on passing the One, Big, Beautiful Bill and urge the Senate to take up work on it as quickly as possible. While we commend the House for including the preservation of the core international and business provisions of the Tax Cuts and Jobs Act in their bill – Foreign-Derived Intangible Income, Global Intangible Low-Taxed Income and the Base Erosion and Anti-Abuse Tax, we’d encourage the Senate to consider addressing some of the issues that remain outstanding. In particular, we’d urge them to include permanence for research and development expensing, interest deductibility and bonus depreciation and the inclusion of other longstanding tax policies such as controlled foreign corporation look-through which are of crucial importance for American companies.
“The NFTC and its member companies look forward to continued engagement with Congress and the administration to finalize a legislative tax framework which ensures U.S. competitiveness in the global market.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
