FEI Expresses Concern To Senate, House On IC-DISC

FEI Expresses Concern to Senate, House on IC-DISC

December 3, 2007

FEI Summary

On Dec. 3, 2007, FEI’s Committee on Private Companies (CPC) Policy Subcommittee sent a letter to the chairman and ranking member of the House Ways and Means Committee, and sent a similar letter to the chairman and ranking member of the Senate Committee on Finance, expressing concern about provisions in the Tax Technical Corrections Act of 2007 regarding the Interest Charge - Domestic International Sales Corporation (IC-DISC).

The letters, signed by FEI CPC Policy Subcommittee Chair Mark Smetana, CFO of EBY-Brown Co., noted that the policy subcommittee had met with members of Congress earlier in the year to discuss this issue. The letter reiterated three major problems with the IC-DISC provision, and said, “If enacted, this provision will significantly increase taxes on small and closely-held U.S. manufacturing exporters and inhibit their ability to participate in international commerce.”

FEI urged the senators and congressmen “to support America’s exporters and small business by removing this provision from the Tax Technical Corrections Act.”

Prepared Dec. 3, 2007 by Serena Dávila, Director, Technical Activities, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.