Today’s announcement that Congressman Kevin Brady (R-TX) will take the gavel as chairman of the House Ways and Means Committee may bode well for manufacturers in terms of securing an extension of a package of important tax provisions that expired at the end of 2014, known as “tax extenders.” That’s because Chairman Brady is the sponsor of legislation approved by the House to not only extend the research and development (R&D) tax credit, but also enhance the provision and make it permanent once and for all.
Former Ways and Means Chairman, and the new Speaker of the House, Paul Ryan (R-WI) was also an advocate for permanent extenders as he led the committee to approve individual bills to make permanent the NAM’s tax extender priorities, including bonus depreciation (H.R. 2510), the look-through rule for controlled foreign corporations (H.R. 1430), deferral for active financing income (H.R. 961), enhanced Section 179 expensing (H.R. 636) and the R&D tax credit (H.R. 880), with the full House of Representatives passing the latter two provisions with bipartisan support earlier this year.
The NAM has been leading the charge in urging Congress to act immediately on tax extenders to promote investment, innovation, job creation and growth and avoid disrupting our nation’s flagging economic recovery. Unfortunately, however, other important pieces of legislation have dominated the congressional calendar and stalled discussions in Congress about finding a path forward for getting tax extenders legislation approved and signed by the President before the end of the year.
These discussions may now get a jump-start, though, now that a new leader of the House tax-writing committee has been announced. To ensure that passage of a tax extenders package is job number one on Chairman Brady’s to-do list, the NAM and the Broad Tax Extenders Coalition issued a press release today calling on tax extenders to be the new chairman’s immediate priority. In the statement, NAM Vice President of Tax and Domestic Economic Policy Dorothy Coleman said, “Immediate action on a permanent or long-term tax extenders package will give manufacturers a bridge of predictability and certainty until Congress can act on comprehensive tax reform.”
The NAM looks forward to working with Chairman Brady, Speaker Ryan and Senate leaders to make sure a permanent or, at a minimum, a multiyear extension of the expired tax provisions is achieved before the end of the year.
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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