WASHINGTON – Information Technology Industry Council president and CEO Dean Garfield last night congratulated the US Senate for passing a bill to extend tax breaks for corporations but reiterated that changes are needed to the US tax code. 

The Senate voted to approve H.R. 5771, the Tax Increase Prevention Act of 2014, which extends certain some 30 business-related tax provisions, including the research and development tax credit and bonus depreciation.

"We are happy to say that, in this instance, Congress chose growth over gridlock and we commend Senate Leaders Harry Reid and Mitch McConnell for working together in a bipartisan manner to act quickly and pass the tax extenders bill," Garfield said. "But it’s important to note that this is a temporary patch on a larger problem. We encourage lawmakers to work together in the year ahead to fix a dysfunctional tax code that is holding back our businesses and the American economy. Comprehensive tax reform is an upgrade long-overdue that will provide our companies with the certainty we need in order to properly plan and compete in today's global marketplace."

ITC is a US-based trade group that represents 60 of the world’s leading technology companies.

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