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Tech Industry Warns US Investment Pledges Hinge on Research Tax Break
An anonymous reader shares a report: Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn't fully reinstate the break. Big tech companies have pledged more than $1.6 trillion in investments in the US since Donald Trump took office, promising to build factories and data centers in alignment with Trump's push to build in America. But industry representatives are signaling those promises will be imperiled if Congress doesn't fully reinstate the R&D tax deduction, which was pared back to help offset the massive cost of President Donald Trump's 2017 bill. At the time, it was estimated that limiting the provision would temporarily raise about $120 billion from 2018 to 2027. "A lot of those announcements are predicated on an expectation the administration and Congress will partner together on reinstating those R&D provisions," said Jason Oxman, president of the Information Technology Industry Council, a trade group that includes among its members Amazon, Apple, Anthropic, Alphabet, and IBM. Lobbyists representing tech companies that announced US investments have made similar claims to congressional aides and lawmakers, according to people familiar with the conversations. Read more of this story at Slashdot.
An anonymous reader shares a report: Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn't fully reinstate the break.
Big tech companies have pledged more than $1.6 trillion in investments in the US since Donald Trump took office, promising to build factories and data centers in alignment with Trump's push to build in America. But industry representatives are signaling those promises will be imperiled if Congress doesn't fully reinstate the R&D tax deduction, which was pared back to help offset the massive cost of President Donald Trump's 2017 bill. At the time, it was estimated that limiting the provision would temporarily raise about $120 billion from 2018 to 2027.
"A lot of those announcements are predicated on an expectation the administration and Congress will partner together on reinstating those R&D provisions," said Jason Oxman, president of the Information Technology Industry Council, a trade group that includes among its members Amazon, Apple, Anthropic, Alphabet, and IBM. Lobbyists representing tech companies that announced US investments have made similar claims to congressional aides and lawmakers, according to people familiar with the conversations.
Read more of this story at Slashdot.
