MORRISTOWN, N.J. and WASHINGTON, July 11, 2013 /PRNewswire/ -- Financial Executives International (FEI), the association of choice for CFOs and other senior-level finance executives, hosted a successful meeting with members and supporters of its Private Companies for Tax Fairness coalition (PCTF) and Congressional leadership in Washington D.C. on Wednesday. The meetings continued the dialogue surrounding the need for comprehensive tax reform and tax fairness for middle-market and large privately held companies and family-owned businesses.
The PCTF coalition consists of large and middle-market privately held and/or family-owned companies aimed at providing a voice for thousands of private companies in the ongoing tax reform debate in Congress. Wednesday's meetings were the second official gathering of the Coalition since it was formed in April 2013. FEI is the founding member and coordinator of the PCTF.
Hosted by Republican Chief Deputy Whip Peter Roskam of Illinois, PCTF participants in the meeting included CFOs and senior executives from Chobani Yogurt, Eby-Brown Company, Foth and Van Dyke, Oxbow Carbon, Panduit Corp., Walker Information and representatives from other private companies. The meeting was also attended by fellow Ways and Means member Congressman Todd Young of Indiana, as well as the tax counsels of a number of other members of Congress.
This meeting and a subsequent technical meeting with Ways and Means staff covered several issues of importance to so-called "pass through" companies, such as the importance of tax rate parity between private and public companies, the need for the proposed territorial tax reform to be applied equally to pass through entities, and possible solutions to the ongoing disruption of estate taxes on family run businesses. The PCTF members also discussed the relative importance of various base broadening measures vis-a-vis rate reductions.
"Privately held and family-owned companies represent a significant amount of business-sourced income in the U.S., and the need to protect them is imperative," said Marie N. Hollein, CTP, President and CEO of FEI. "The PCTF participated in productive dialogue with key lawmakers on this critical issue, and we remain committed to working alongside Congress to raise the level of discussion and make progress toward simplifying the tax code for these businesses."
Staffed by FEI and led by a working group of its active company members, the PCTF coalition directly lobbies Congress during the tax reform debate, hosts educational events for elected officials and staff, drafts white papers on key legislative issues, and conducts grassroots operations including fly-ins and call-ins at critical legislative junctures. The coalition previously met in Washington D.C. in April for a Congressional fly-in. Additional events are planned for the fall of 2013.
Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and 1 in Japan. FEI is headquartered in Morristown, NJ, with additional offices in Washington, D.C. and Toronto. Visit www.financialexecutives.org for more information.
SOURCE Financial Executives International