R&D Credit Cut From Jobs Bill
Senate Majority Leader Harry Reid, D-Nev., has elected to push a scaled-back jobs bill, stripping out a one-year extension of the research and development tax credit and other tax breaks included in the draft measure unveiled earlier Thursday by Senate Finance Committee Leaders, CongressDaily reported.
The draft jobs bill released Thursday morning by Senate Finance Chairman Max Baucus, D-Mont., and Finance ranking member Charles Grassley, R-Iowa, included a one-year extension of the research and development tax credit, retroactive to Dec. 31, 2009, when it expired.
Reid's decision to strip the R&D credit and other provisions is unlikely to sit well with tech industry groups. The groups have been calling on Congress to update the credit and make it permanent -- or at the very least extend it. TechAmerica voiced disappointment that the Senate Finance measure only included a one-year extension of the credit. TechAmerica and other groups say a permanent extension of the credit would give companies the certainty they need to invest in long-term research projects in the United States.
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