I voted yes on #HR4438, American Research and Competitiveness Act of 2014. The bill modifies and makes permanent the 20 percent tax credit for research and development (R&D) expenses. This is one of many tax credits that expired on December 31, 2013. Targeted corporate tax credits are simply a form of corporate welfare and should be allowed to expire. Relatively broad tax credits like the R&D tax credit shouldnt be eliminated without comprehensive tax reform that lowers individual and corporate tax rates, broadens the tax base, and simplifies the system so there arent so many targeted tax breaks and exemptions. It passed 274-131.
Posted on: Tue, 27 May 2014 16:50:19 +0000
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