WASHINGTON, April 18, 2018 /PRNewswire-USNewswire/ -- The Semiconductor Industry Association (SIA), representing U.S. leadership in semiconductor manufacturing, design, and research, today will present its Congressional Leadership Awards to Senator Mike Crapo (R-Idaho) and Congressman Peter Roskam (R-Ill.) for their leadership in enacting landmark tax reform legislation, the Tax Cuts and Jobs Act of 2017. The corporate provisions included in the new law will strengthen the U.S. semiconductor industry by making it easier for semiconductor companies to continue to grow and innovate in the United States.
"We applaud Senator Crapo and Congressman Roskam for their steadfast support of policies that strengthen the semiconductor industry, the tech sector, and the U.S. economy," said John Neuffer, SIA President & CEO. "We especially appreciate the award winners' resolute leadership in advancing critical corporate tax reform legislation that will help sustain U.S. leadership in semiconductor research, design, and manufacturing. The new law has helped modernize the corporate tax code and improve the competitiveness of the U.S. semiconductor industry."
America's economic strength and global technology leadership depend heavily on corporate tax policies that promote growth and encourage innovation. Over the last 30 years, as the semiconductor industry launched countless technological advances, America's tax system stagnated. This placed U.S. businesses at a disadvantage to overseas competitors and made the United States a less competitive location for semiconductor research, design, and manufacturing.
The new tax law helps level the playing field, setting forth several provisions the U.S. semiconductor industry has long supported. These include lowering the corporate rate to a globally competitive level of 21 percent, modernizing our international tax structure, and preserving the R&D tax credit. Repeal of the corporate Alternative Minimum Tax (AMT) in the final bill was an important measure to protect the utility of the R&D credit, a critical tool used by semiconductor companies to stay at the tip of the technology leadership spear.
"Semiconductors are foundational to America's economic strength, national security, and technology leadership," Neuffer said. "Corporate tax reform was urgently needed to help the industry take the next innovative steps forward and promote America's global competitiveness. We salute Senator Crapo and Congressman Roskam for their instrumental work in helping to push the final bill across the goal line."
SIA presents the Congressional Leadership Award in recognition of efforts to support policies that are vital to sustaining a strong and vibrant U.S. semiconductor industry.
Media Contact Dan Rosso Semiconductor Industry Association 202-446-1719 [email protected]
About SIA The Semiconductor Industry Association (SIA) is the voice of the U.S. semiconductor industry, one of America's top export industries and a key driver of America's economic strength, national security, and global competitiveness. Semiconductors – microchips that control all modern electronics – enable the systems and products we use to work, communicate, travel, entertain, harness energy, treat illness, and make new scientific discoveries. The semiconductor industry directly employs nearly a quarter of a million people in the U.S. In 2017, U.S. semiconductor company sales totaled $189 billion, and semiconductors make the global trillion dollar electronics industry possible. SIA seeks to strengthen U.S. leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration and other key industry stakeholders to encourage policies and regulations that fuel innovation, propel business and drive international competition. Learn more at www.semiconductors.org.