New Democrat Coalition Leadership Statement on R&D Tax Credit
The New Democrat Coalition’s leadership issued the following statement in advance of a vote on H.R. 4438, which would extend the R&D tax credit:
“Members of the New Democrat Coalition have long supported the permanent extension of the Research and Development Tax Credit. By extending the R&D tax credit, we will give American businesses the predictability and certainty they need to invest in the technologies of tomorrow and create or maintain jobs. The R&D tax credit has a proven track record of high-wage job creation – over 80 percent of research spending that companies use to claim the credit goes directly to salaries. The R&D tax credit benefits businesses of all sizes and from all sectors.
“At a time when federal R&D funding is at its lowest level in over a decade and the United States ranks 27th in the world in the generosity of our R&D tax credit, it is important that we renew our commitment to policies that promote innovation.
“H.R. 4438 is an important step forward toward improving the R&D tax credit. However, as this and other permanent tax extenders move through Congress, we should be matching permanent changes in the tax code with appropriate offsets. We believe that the best course of action is to find comprehensive offsets – whether from passing comprehensive immigration reform, broadening the base through tax reform, or finding savings elsewhere.”
Statement endorsed by New Democrat Coalition Chairman Rep. Ron Kind (D-WI), Vice-Chairs Reps. Gerry Connolly (VA-11), Jim Himes (CT-04) and Rick Larsen (WA-02).
The New Democrat Coalition is dedicated to maintaining America’s standing as the world’s strongest, most successful nation. Founded in 1997, the New Dems believe firmly in the power of American ingenuity and innovation, and are focused on finding ways to foster and harness this creativity to grow our economy, create new American jobs, and ensure a safer and more secure future for our country.
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