TIA applauds U.S. House for passing economic stimulus package

March 8, 2002
March 8, 2002--The package, which includes a 30% depreciation deduction for IT equipment, now goes to the Senate.

The Telecommunications Industry Association (TIA--www.tiaonline.org) has applauded the U.S. House of Representatives for overwhelmingly passing an economic stimulus package that includes a 30% depreciation deduction for capital expenses on IT equipment and a five-year net operating loss carry-back provision.

The TIA also called on the U.S. Senate to do its part by moving the legislation quickly.

The Housed passed the package in a 417-3 vote.

"The passage of this legislation by the House of Representatives, in a near unanimous vote, is a major victory for the communications and information technology industry which has suffered more than 400,000 job losses over the last year," says TIA President Matthew Flanigan. "The inclusion of the 30% depreciation deduction and five-year net operating loss carry-back provisions will provide much needed capital to suffering companies."

Flanigan says Americans will benefit greatly from more capital in the hands of companies. This will allow the companies to pump it back into the economy, reduce layoffs and invest in the future of their employees, he says.

"This legislation would be an important step toward putting the critical communications and information technology sector back in its position as a principal engine of national economic growth," Flanigan says. "We are grateful for the leadership the House demonstrated and now it is imperative that the Senate respond to the message this landslide vote sends by passing it quickly."

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