Connie Mack: “Today, along with Senators Grams, Lieberman, and Kyl, I introduce the Printed Circuit Investment Act of 1999. This bill…”

“Today, along with Senators Grams, Lieberman, and Kyl, I introduce the Printed Circuit Investment Act of 1999. This bill would allow manufacturers of printed wiring boards and printed wiring assemblies, known as the electronic interconnection industry, to depreciate their production equipment in 3 years rather than the 5 year period under current law. As we approach the 21st century, our Nation's Tax Code should not stand in the way of technological progress. Printed wiring boards and assemblies are literally central to our economy, as they are the nerve centers of nearly every electronic device from camcorders and televisions to medical devices, computers and defense systems. But the Tax Code places U.S. manufacturers at the disadvantage relative to their Asian competitors, because of different depreciation treatment. This disadvantage is particularly difficult for U.S. firms to bear, as the interconnection industry consists overwhelmingly of small firms that cannot easily absorb the costs inflicted by an irrationally-long depreciated schedule. As technology continues to advance at light speed, the exhilaration of competition in a dynamic market is dampened by the effects of a tax code that has not kept pace with these changes.”