Today, the National Association of Manufacturers, Chamber of Commerce, R&D Credit Coalition, and Biotechnology Industry Organization – representing thousands of small and large U.S. businesses – issued their support for H.R. 4438, a bipartisan, permanent extension of the research and development (R&D) tax credit. In their call for a permanent R&D credit, these groups note that the legislation will make the U.S. more globally competitive, create jobs, and allow U.S. companies to innovate and invest in America.
Unfortunately for U.S. companies and their workers, despite the Democrats’ support of extensions of the R&D credit since 1981, some are now voicing their opposition.
Today, the White House issued a statement suggesting that President Obama would veto H.R. 4438 because it has not been paid for by raising taxes. Apparently the White House has forgotten that tax extenders have historically not been paid for. In fact, in both 2006 and 2008, then-Senator Obama voted to extend the R&D tax credit without paying for it. And, in 2010 and 2013 he signed into law unpaid-for extensions of tax extenders. Most recently, the Democrat-controlled Senate Finance Committee recently approved an $85 billion tax extender package that was not paid for, a position that Democrats have maintained for years.