Tech industry representatives are warning that new US investments pledged by major firms could be put at risk if Congress doesn't fully reinstate a tax deduction for research and development, Bloomberg reported Friday, citing the Information Technology Industry Council.

"A lot of those announcements are predicated on an expectation the administration and Congress will partner together on reinstating those R&D provisions," said Jason Oxman, president of the trade group whose members include Amazon (AMZN) and Apple (AAPL), according to Bloomberg.

Lobbyists representing tech firms that pledged new investments, such as Amazon, Apple, Oracle (ORCL), Microsoft (MSFT), Meta Platforms (META) and Taiwan Semiconductor Manufacturing (TSM), have made similar claims to Congress, the report said.

Restoring tax deductions will incentivize investments, Intel (INTC) vice president for government affairs Al Thompson said, according to Bloomberg.

The Information Technology Industry Council, Amazon, Apple, Oracle, Microsoft, Meta Platforms, Taiwan Semiconductor Manufacturing and Intel didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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