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House Ways and Means chairman Kevin Brady (on left) and Speaker Paul Ryan announced Thursday the tax overhaul plan. Photo: J. Scott Applewhite / AP

Like other major industries, tech is cautiously optimistic about the Republican tax plan unveiled yesterday. One major win for the industry is the lower corporate tax rate, but there's plenty of other issues Silicon Valley cares about.

What tech likes:

  • The National Venture Capital Association praised a provision it expected to be in the bill that would allow startup employees not to pay taxes when they exercise their stock options if there isn't a liquid market to sell their resulting shares. Startups would like this, too. But there's a problem: that provision isn't actually in the current bill. It's expected to be added during markups in the coming days.
  • One tech trade group, TechNet, praised elements of the tax plan that make it easier to bring back assets being held overseas by offering to tax them at lower one-time rates.
  • The Association of National Advertisers, which represents Google and Facebook, hailed the fact that legislators plan to keep a deduction for advertising spending by businesses, as did the National Association of Broadcasters.

What tech doesn't like:

  • TechNet president Linda Moore said the organization looks "forward to next week's committee markup as an opportunity to improve the bill, particularly as it relates to getting the territorial tax system right, creating more opportunities for investment in the U.S., and measures that may affect innovators in the gig and sharing economy."

More reaction: Others are continuing to vet the 400-page bill. "If done right, tax reform will place American companies on a level-playing field, increase competition globally, and create more jobs for Americans. These are the standards we will use to evaluate the entire legislative package," said Dean Garfield, the leader of the Information Technology Industry Council.

Go deeper: Check out the winners and losers of the plan. Broadcom announced yesterday it will relocate to the U.S. thanks to the tax plan. Axios' Dan Primack has more analysis in the Axios Pro Rata newsletter.

Go deeper

Updated 2 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 7 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.