U.S. Chamber Letter on H.R. 8184, the “Growing and Preserving Innovation in America Act"

September 24, 2024

To the Members of the United States House of Representatives:

The U.S. Chamber of Commerce (“Chamber”) strongly supports H.R. 8184, the “Growing and Preserving Innovation in America Act.”  This important, bipartisan bill would permanently preserve a critical pro-innovation tax policy introduced in 2017, the deduction for foreign-derived intangible income (“FDII”), which is otherwise scheduled to phase down at the end of next year.

By subjecting FDII to a reduced effective rate of U.S. tax through this deduction, Congress sought to encourage U.S. corporations to locate and derive income from intangible property—and increase potentially valuable economic activity—in the United States.  The FDII deduction has proven remarkably effective at furthering these aims and should be made a permanent, undiluted feature of the U.S. international tax system.

The Chamber looks forward to working with you to advance this important legislation.

Sincerely,
Neil L. Bradley
Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy