2024 Wrap-Up: Advanced GBA’s Mission to Encourage Global Investment
Strengthened Tax Advocacy Efforts Ahead of 2025
Throughout the year, we worked to ensure the United States remains competitive for international investment in advance of next year’s tax fight. Such efforts include:
Engaged Key Decision-makers: GBA engaged high-level policymakers to ensure they understand the value that international companies provide American workers and the U.S. economy.
Representative David Schweikert (AZ-1), a member of the House Ways and Means Committee, joined as our keynote speaker at the Spring Tax Conference in Scottsdale, Arizona.
Representative Carol Miller (WV-1) and Jon Goldman, chief tax counsel for Finance Committee Chairman Ron Wyden (D-OR), met with our Inbound Tax Policy Council.
During our Fall Tax Conference in Washington, D.C., Scott Levine, Treasury’s Acting Deputy Assistant Secretary (International Tax Affairs), gave updates on the Department’s work on issues such as CAMT and stock buyback regulations and Nick Molling, Tax Counsel for Senator Bill Cassidy (R-LA), outlined what to look for in a 2025 tax package.
GBA also facilitated two roundtables with House Ways & Means Tax Teams: the Global Competitiveness Tax Team, led by Representative Kevin Hern (OK-1) and the Supply Chains Tax Team, led by Representative Carol Miller
Our CEO Leadership Council members met with Treasury Secretary Janet Yellen and other senior cabinet officials. As part of our ongoing Senate Outreach Strategy, this group also met with Senators Marsha Blackburn (R-TN), Gary Peters (D-MI), Ron Wyden, Steve Daines (R-MT), John Cornyn (R-TX) and incoming Finance Chair Mike Crapo (R-ID)
Educated Capitol Hill on Smart Tax Policy: GBA held 134 meetings with Congressional offices to underscore the economic impact of three top tax priorities: restoring depreciation and amortization (DA) to the calculation for the business interest deduction under Section 163(j), allowing immediate expensing of research and development costs, and extending bonus depreciation. These efforts helped the House of Representatives to advance the Wyden-Smith tax deal, H.R. 7024.
Earned a Veto of “Foreign Agent” Registration Legislation in Georgia
GBA rallied Georgia Governor Kemp to veto a bill that would have wrongly labeled American employees at international companies as foreign agents. Our all-out effort was so effective that even the primary bill sponsor supported the veto – despite the bill passing with overwhelming majorities in both chambers.
Delayed Expansive Stock Buyback Regulations
GBA continues to push the Treasury Department to refine the stock buyback rules to ensure that transactions between U.S. subsidiaries and their parent companies aren’t mischaracterized. Because of GBA’s comment letters, individual meetings – including with Secretary Yellen – and in-person testimony, the Treasury Department has delayed finalizing this proposed rule.
Drove Attention to the Blatant Politicization of Cross-Border Investment Reviews
Amid the political noise regarding the Nippon Steel-U.S. Steel deal, GBA called on the Committee on Foreign Investment in the U.S. (CFIUS) for unbiased cross-border M&A reviews. We sent numerous letters to Treasury Secretary Yellen, raised the issue in several national media outlets and shared insights with policymakers to counter efforts to politicize these reviews. Our calls to keep politics out of the review process encouraged members of the Financial Services Committee to send a letter to Secretary Yellen and Commerce Secretary Raimondo to preserve all documents relating to the deal for an investigation of the politicization.
Promoted the Positive Image of Global Investment in America
GBA provided more than 100 opportunities for its members to meet with policymakers in 2024. Our members were energized as they met with more than 120 congressional offices during our two Advocacy Days, where we emphasized the power of global investment and:
Ensuring a level playing field for international companies
Maintaining a competitive tax code
Preserving the LDA exemption so U.S. employees of international companies are not characterized as “foreign agents” – defeating a stated goal of DOJ officials.
Conducted GBA Member-Exclusive Public Opinion Research
Recognizing the rise of anti-globalization sentiment, GBA released the Strategic Trust report. This public opinion research project helped our members better understand and navigate the growing skepticism toward globalization by identifying the specific messages that resonate with key policy stakeholders. Always remember: Information improves perception.
Preserved Equal Access for GBA Members to Their Elected Representatives
GBA achieved significant progress in protecting U.S. employees of international companies from unnecessary foreign agent registration requirements under the Foreign Agents Registration Act (FARA). Hosting a strategic membership briefing and conducting over 75 congressional meetings, GBA leveraged our “Preserving the LDA Protection” primer to drive home the importance of maintaining this exemption. Without it, U.S. employees would face the undue burden of registering as foreign agents with the Department of Justice.