We all remember the lamest of lame-duck congressional sessions last year when Congress waited until December 16 to approve a one-year retroactive extension of the expired temporary tax provisions known as “tax extenders.” This action left only two weeks before the research and development (R&D) credit, investment incentives for businesses of all sizes and provisions to allow greater competitiveness in the global marketplace again expired on December 31.
Allowing these tax provisions to lapse from year to year and then waiting so late in the year to provide only a limited extension injects uncertainty into the tax code and sidelines investments in R&D and purchases of equipment and machinery that would give a boost to growth in manufacturing, the economy and jobs. This type of unpredictability can be a strain on the economy, something that is not helpful particularly at a time when manufacturers face so many headwinds.
With just more than two months left in the year, now is the time for Congress to get off the merry-go-round of retroactively extending the expired tax provisions and pass a long-term tax extenders package so manufacturers can plan and invest into the future.
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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