WASHINGTON, DC – USTelecom along with trade associations representing the telecom and cable industries called on Congressional leaders to renew the bonus depreciation provision of the The American Taxpayer Relief Act of 2012. The provision, which expired on December 31, 2013, allowed businesses making domestic investment and purchases that create jobs and raise productivity receive substantial tax benefits.
In a letter to Democratic and Republican leaders in the House and Senate, the organizations and their member companies said they would continue to support comprehensive corporate tax reform but that an extension of the bonus depreciation provision is essential to maintaining the nation’s economic momentum.
Joining USTelecom in signing the letter was: CTIA-The Wireless Association, Independent Telephone and Telecommunications Alliance (ITTA), National Cable Television Association (NCTA), NTCA-The Rural Broadband Association, PCIA - The Wireless Infrastructure Association and the Telecommunications Industry Association (TIA).
The letter said that an extension of the provision would allow companies to plan with certainty and understand what the tax rules for capital investment and job creation in America will be in 2014. Furthermore, given the current economic outlook, it would be “counter-productive to allow a provision designed to stimulate job growth and investment to expire, “ the letter said.
To read the letter, click here.