Last week, Congress took a positive first step to reinstating the R&D tax credit when the Senate Finance Committee passed a tax extenders package that included a two-year retroactive extension. Today, the House signaled its intention to consider a permanent R&D incentive during a Ways & Means Committee hearing on the benefits of permanent tax policy for job creators.
Judith Zelisko, Vice President of Tax for manufacturing company Brunswick Corporation urged members of the House tax-writing committee to reinstate the R&D tax credit and to make the incentive permanent. Brunswick, a manufacturer of recreation products including marine engines and boats, utilizes the R&D credit in the design and technological developments for their 14 boat brands sold around the world. According to Zelisko’s testimony, attaining effective results from research and development help Brunswick innovate and compete successfully.
Since its lapse at the end of 2013, the NAM and the R&D Credit Coalition have been urging Congress to seamlessly extend the R&D credit as soon as possible. Last week, the Coalition released a statement of support of the extenders package that the Senate Finance Committee passed by a voice vote, but also submitted comments to House Ways and Means Committee Chairman Dave Camp (R-MI) on his tax reform draft. The Coalition’s comment letter applauded Camp for including a permanent R&D incentive in his tax reform plan, but opposed the elimination of supplies and computer software from qualifying for the credit.
The House is expected to introduce a bill, separate from the Camp tax reform discussion draft, to provide an enhanced, permanent R&D tax credit. Meanwhile, the tax extenders package must still be considered on the Senate floor. As both chambers move forward with their separate approaches, the NAM will continue to advocate for a strengthened, permanent R&D incentive, and at a minimum that the now expired R&D tax credit be retroactively extended as soon as possible
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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