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House GOP passes permanent R&D tax cut
Author: Scarinci Hollenbeck, LLC
Date: May 27, 2014
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Despite fierce opposition, House Republicans brought 62 Democrats over to their side to pass a bill that would make permanent R&D tax cut, according to MSNBC. The legislation passed in a 274-131 vote on the morning of May 9, amid significant lobbying and a threat from the White House to veto the bill.
The bill has been called a policy ‘no brainer’ because both sides agree on the need for a permanent incentive for American companies to conduct R&D, the news source explained. Republicans and Democrats disagree on how the cut should be implemented, and this disagreement has put both sides in an interesting position.
Democrats argue that the Republicans, who have spent a lot of time in recent years campaigning against any spending that isn’t paid for by a reduction somewhere else, do not have the same reservations when it comes to corporate tax breaks.
“Both parties, as the Chairman has indicated, have repeatedly supported temporary extensions, but neither have had the audacity to come to this floor and say ‘we’re going to borrow enough to make it permanent, without closing a single loophole,'” Rep. Lloyd Doggett said on the House floor. “This bill represents only the first of many installments of hundreds of billions of dollars that the Republicans plan to finance with more debt, borrowing from the Chinese, or whoever will lend it to us.”
The research credit was enacted first in 1981, according to Bloomberg. During that time, it has existed in a perpetual state of lapse and renewal, as have a number of other tax breaks. Many lawmakers on both sides of the aisle argue that the uncertainty created by this cycle has prevented companies from relying on it, damaging its effectiveness.d
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