IPC Applauds Congress on Passing the Tax Cuts and Job Act

Reading time ( words)

IPC – Association Connecting Electronics Industries applauds Congress for passing the Tax Cuts and Jobs Act, which received its final stamp of approval from the House today, following Senate approval yesterday. The bill now heads to President Trump for his signature, which is expected within days. 

“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% to 21%; 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% deduction for the non-wage portion of pass-through income.

About IPC

IPC 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.

08/08/2022 | Pete Starkey, I-Connect007

With his knowledgeable insight into the business and technology of the printed circuit industry, Dr. Shiuh-Kao Chiang, managing partner at Prismark Partners, has put a global perspective on the challenges of the 2022 PCB market. His presentation at the EIPC Summer Conference in Orebro, Sweden, on June 14 was eagerly awaited by an attentive audience, keen to share his vision. From his comments, it was clear that 2022 will be an interesting year and does not appear particularly friendly for the PCB business.

08/05/2022 | Nolan Johnson, I-Connect007

The Top 5 list this week contains industry analysis from IPC’s Shawn DuBravac, news on the passage of the U.S. “CHIPS Plus” bill, new materials from Ventec, news about a fab for sale, and a chemistry company completing their acquisition, plus a brand new book in the I-Connect007 eBooks series.

07/28/2022 | I-Connect007 Editorial Team

IPC, a global electronics manufacturing industry association, has acquired media company I-Connect007, a global source for news and original content serving the printed circuit design, fabrication and assembly/EMS markets.