Coalition Asks Senate to Support R&D Incentive in Tax Reform

By July 31, 2013Taxation

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.

 

Christina Crooks

Christina Crooks is Director, Tax Policy for the National Association of Manufacturers, where she is responsible for providing NAM members with important updates on tax policy, pensions, and corporate finance and management issues and representing the NAM’s position on these issues before Congress and the Administration. Within the NAM tax policy portfolio, Christina focuses on the R&D tax credit and tax extenders, and serves as the Executive Secretary for the R&D Credit Coalition and a leader in the Broad Tax Extenders Coalition.

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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