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IPC Government Relations, Industry Score Another Victory
May 30, 2003 |Estimated reading time: 1 minute
Northbrook, Ill. — IPC — Association Connecting Electronics Industries has hailed President Bush's signing of The Jobs and Growth Tax Relief Reconciliation Act of 2003, which increases the first-year bonus depreciation deduction from 30 to 50 percent for investments acquired and placed in service after May 5, 2003, and before January 1, 2005.
Passed by Congress last week, the $350 billion tax bill will help spur investments in printed circuit board (PCB) manufacturing and electronics assembly equipment and aid in the recovery of the Interconnect Manufacturing Service/PCB and Electronics Manufacturing Service industries.
Recognizing that the U.S. electronics interconnection industry was at a distinct disadvantage over foreign competition, the IPC and its members began efforts nearly a decade ago to change the U.S. tax code and reduce the cost recovery period from five years to three for equipment used to manufacture PCBs and electronic assemblies. These efforts paid off with the passage of The Job Creation and Workers Assistance Act of 2002, which was signed into law by President Bush on March 9, 2002. The Act contained a 30 percent accelerated depreciation benefit over the next three years for PCB manufacturing and assembly equipment.
In addition, this victory is only one of several initiatives the IPC Government Relations Committee is championing to help improve U.S. competitiveness.
IPC is a trade association dedicated to the competitive excellence and financial success of its more than 2,300 member companies, which represent all facets of the electronic interconnection industry, including design, printed circuit board manufacturing and electronics assembly. For more information, visit www.ipc.org.