The Honorable Ron Wyden
Chairman
Committee on Finance
U.S. Senate
Washington, DC 20510
The Honorable Dave Camp
Chairman
Committee on Ways and Means
U.S. House of Representatives
Washington, DC 20515
The Honorable Orrin Hatch
Ranking Member
Committee on Finance
U.S. Senate
Washington, DC 20510
The Honorable Sandy Levin
Ranking Member
Committee on Ways and Means
U.S. House of Representatives
Washington, DC 20515
Dear Chairman Wyden, Chairman Camp, Ranking Member Hatch and Ranking Member Levin:
Business Roundtable is firmly dedicated to comprehensive tax reform that results in a permanent, modernized, and simplified tax code to foster growth, create jobs, and increase the competitiveness of the United States. Our policies should affirm the U.S. as the best place in the world to launch a career, headquarter a business, hire employees, and conduct business operations.
One of the many defects of the current tax code is its temporary nature. On December 31, 2013, over 50 tax provisions - many longstanding features of the tax code - were permitted to expire. Failure to extend key expired provisions before Congress completes work on tax reform is fostering continued business uncertainty and will do further harm to America's competitive position the longer the lapse continues.
Recognizing that the work toward comprehensive tax reform is ongoing, and that any major changes enacted this year would likely not take effect before January 1, 2015, Congress should now address the tax provisions that expired on December 31, 2013. Business Roundtable urges Congress particularly to extend the research credit, the active financing and look-through rules, and 50 percent bonus depreciation - all of which promote business investment and facilitate private sector employment. As has been done repeatedly in the past, these extensions should be retroactive to the beginning of this year.
Business Roundtable and its CEOs are steadfast in their determination to achieve the enactment of comprehensive pro-growth tax reform and to work with Congressional leaders to achieve that goal. Addressing expired tax provisions now can facilitate that outcome while promoting job creation and economic growth.
Sincerely,
Louis R. Chenevert
Chairman & Chief Executive Officer
United Technologies Corporation
Chair, Tax and Fiscal Policy Committee
Business Roundtable