SAN JOSE, CA – Silicon Valley Leadership Group CEO and President Carl Guardino and Bay Area Council President and CEO Jim Wunderman highlight the impacts of tax reform in a joint letter to the members of the Tax Cut and Jobs Act Conference Committee. Collectively, the Silicon Valley Leadership Group and Bay Area Council represent nearly 600 of the leading companies throughout the San Francisco Bay Area.
The letter was distributed to inform and engage with the members of the Conference Committee and the California Congressional Delegation about the impact the current tax reform proposal will have on the Bay Area economy, businesses, and employees and their families. As Congress works to finalize the tax reform bill, the two organizations seek to highlight provisions within the current proposal that are encouraging and also of concern to the Bay Area’s innovation economy.
The Leadership Group and Bay Area Council view lowering of the corporate tax rate to be competitive with other OECD countries and allowing repatriated funds to be brought back to the United States as positive steps. However, additional concerns are raised with the tax credits that include:
- Limiting or eliminating components of the state and local tax deduction
- Limiting the opportunities for companies to access the research and development tax credit
- Elimination of private activity bonds that are used to invest in housing, transportation, and infrastructure
- Eliminating the health insurance individual mandate
- Implementing new taxes on university’s tuition reduction support
If you have questions regarding the Bay Area Council’s or Leadership Group’s viewpoint on these key provisions or insights into the tax reform process, please contact Kimberly Ellis, SVP Communications and Marketing, (408) 501-7853, [email protected] or Rufus Jeffris, VP of Communications, (415) 946-8725, r[email protected]. Both organizations are willing to provide comments about the effect of tax reform on the larger business community and Bay Area Region. For the complete joint 2017 Federal Tax Reform Letter click here.
About the Bay Area Council
The Bay Area Council is a business-sponsored, public-policy advocacy organization for the nine-county Bay Area. The Council proactively advocates for a strong economy, a vital business environment, and a better quality of life for everyone who lives here. Founded in 1945, the Bay Area Council is widely respected by elected officials, policy makers and other civic leaders as the voice of Bay Area business. Today, approximately 275 of the largest employers in the region support the Bay Area Council and offer their CEO or top executive as a member. Our members employ more than 4.43 million workers and have revenues of $1.94 trillion, worldwide. Learn more at bayareacouncil.org.
About the Silicon Valley Leadership Group
The Leadership Group, founded in 1978 by David Packard of Hewlett-Packard, represents more than 370 of Silicon Valley’s most respected employers on issues, programs and campaigns that affect the economic health and quality of life in Silicon Valley, including education, energy, environment, health, housing, tax policies, tech and innovation and transportation. Leadership Group members collectively provide nearly one of every three private sector jobs in Silicon Valley and contribute more than $3 trillion to the worldwide economy. For more information, visit svlg.org.