Over one month has passed since the R&D tax credit expired, and Congress has yet to consider legislation or even schedule a vote on legislation to renew the credit – a proven incentive for innovation and growth in manufacturing. The resulting uncertainty is having a real impact on manufacturers, causing earnings volatility and in some cases throwing cold water on plans to hire new R&D workers. Today, the R&D Credit Coalition sent a letter to the House and Senate alerting members that the R&D tax credit expired on December 31 and urging immediate action on a retroactive extension of the credit.
Ron Dickel, Chairman of the Coalition states in the letter that “Extending the R&D credit now can help provide a bridge to tax reform going forward.” The Coalition also calls for a permanent research and development incentive to be included in any tax measure considered by Congress. Last month, in its response to the Senate Finance Committee’s tax reform discussion draft on cost recovery and accounting, the NAM advocated for a strengthened, permanent R&D incentive to be included in and any plan to reform the U.S. tax code. The certainty provided by a permanent research and development incentive would enhance its incentive value and help ensure the United States’ leadership in global innovation.
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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