While Senators Baucus and Hatch introduced legislation last Congress to strengthen and make the research and development incentive permanent, their “blank slate” approach assumes that no tax preferences are safe unless they garner bipartisan support from Senators to be included in tax reform. For this reason, the R&D Credit Coalition sprang into action and wrote a letter to all U.S. Senators, urging them to include support for a strengthened, permanent R&D incentive in their responses to the Baucus-Hatch Dear Colleague.
The R&D Tax Credit is a proven incentive for spurring private sector investment in research and development and for creating high-paying U.S. jobs. The R&D Credit is also needed to keep the United States competitive in the global race for R&D investment dollars, particularly at a time when other countries are offering more robust and permanent R&D incentives, and lower corporate tax rates.
Since manufacturers claim nearly 70% of R&D Credit dollars, the NAM believes that a permanent and competitive research and development incentive should be included in comprehensive tax reform.
To that end, NAM wrote a letter to Senators Baucus and Hatch on July 24, highlighting five tax reform priorities that would help manufacturers grow, create jobs, and compete globally. A permanent, strengthened R&D incentive is one of the five components that would accomplish this goal in tax reform.
To read more about the R&D Credit, click here.
Before joining the NAM, Crooks served as senior manager of government affairs for Financial Executives International, where she advocated on behalf of the association’s membership of senior-level business executives on tax, corporate treasury, pension and benefit issues. Previously, she worked as a legislative assistant to Rep. Michael Castle (R-DE), a senior member of the House Committee on Financial Services. Christina handled financial services issues for the Congressman during consideration of the Dodd-Frank Act, and also worked on small business and judiciary issues. Christina earned a B.A. in Political Science from the University of Delaware and a M.A. in Political Science from American University.
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