Utah Technology Council (UTC) Supporter of WIN America

May 16, 2011

The Utah Technology Council (UTC) is among the growing list of companies, organizations and individuals in favor of WIN (Working to Invest in America), new bipartisan legislation that removes the barriers to as much as $1 trillion in private sector investment money returning to America to grow our economy and to reduce Federal debt.

Introduced by Congressmen Kevin Brady (R-TX) and Jim Matheson (D-UT), the Freedom to Invest Act would allow U.S. companies to repatriate global earnings for either the year the legislation is enacted or the year following enactment, but not both. To ensure that companies use repatriated funds to promote job creation, the bill would penalize companies that reduce their average employment during the two-year period following repatriation of income at the preferential rate.

“UTC—representing the high tech, life science and clean tech industries—is enthused with the prospect of bringing back to the U.S. a significant amount of capital for the creation of new, high-paying jobs for the innovation economy,” said Richard R. Nelson, UTC President and CEO. “We applaud the legislators who initiated this bill, and we are extremely pleased to add UTC’s voice in support of this legislation.”

Under existing federal tax law, U.S.-based multinational corporations are allowed to defer paying U.S. corporate taxes on profits made overseas, as long as the profits are invested outside the U.S. – which creates a strong disincentive to invest the money into our own domestic economy. The Freedom to Invest Act seeks to remove that barrier, in order to give U.S. corporations more ability and more incentive to use that money on investments that will help grow our own economy.

For more information about the WIN America Act and its list of supporters, go to www.winamericacampaign.org. For more information about UTC and about its legislative involvement in Utah and national issues, visit www.utahtechcouncil.org.

Admin FirstName Admin LastName | 5/16/2011 12:26:38 PM | 0 Comments