Speaking of the Tax Extenders Legislation

By May 21, 2008Energy, Innovation, Taxation

The NAM sent a letter to the House expressing support for many provisions of H.R. 6049, the Energy and Tax Extenders Act of 2008:

On behalf of the National Association of Manufacturers (NAM)—the nation’s largest industrial trade association—we appreciate the efforts of the House of Representatives to advance the Energy and Tax Extenders Act of 2008 (H.R. 6049), which extends a number of pro-growth, pro-competitiveness tax provisions that have expired or are set to expire at the end of 2008.

In particular, the NAM supports the following provisions in the bill:
• A seamless extension of the R&D credit;
• An extension of deferral of U.S. tax on active business global financing income;
• An extension of the look-through rules for payments between related foreign corporations; and
• Extensions of tax incentives for energy efficiency and renewable energy.

You can read the full letter here. The bill passed 263-130.

The White House has issued a Statement of Administration Policy expressing support for provisions, as well, including the R&D tax credit. However, the Administration finds enough objectionable that a veto is promised.

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