Manufacturing & The Economy
- Published on Tuesday, 13 May 2014 17:00
- Written by Michelle Wandres
The AP reports the U.S. House of Representatives voted Friday, May 8, for a permanent extension of the research and development tax credit, which expired at the beginning of the year. GOP representatives hailed the passing of the vote as a way to create more certainty within the tax code. According to the AP, 62 Democrats joined with Republicans to pass the vote by a count of 274 to 131. Democrats opposed to the measure said it was fiscally irresponsible to pass a bill that will cause an estimated $156 billion tax revenue loss over the next 10 years without any offsets in spending elsewhere. The paper notes that NAM was one of several groups pushing for the passage of the bill. Christina Crooks, director of tax policy for the National Association of Manufacturers, explained that a wide variety of industries and businesses can claim the credit, which goes towards the salaries of engineers, scientists and other people who help develop new and improved products.