April 23, 2018

Action Alert: Congress to Act on R&D Tax Credit Wednesday

05/18/2015

Tell your member of Congress to support prompt renewal of the expired R&D credit.

​As early as this Wednesday, May 20th, the House of Representatives is expected to consider H.R. 880, the American Research and Competitiveness Act of 2015. If passed, the bipartisan bill would permanently extend and strengthen the expired R&D tax credit, while allowing small businesses to claim the credit against tax and AMT liability. It also increases the Alternative Simplified Credit to 20 percent.

Congress has now allowed the R&D Tax Credit to expire sixteen times, leading many larger businesses to reduce their research budgets, which affects countless downstream suppliers. The R&D tax credit strengthens manufacturing in America by promoting investment in the U.S. and significantly contributes to the country's economic growth and productivity.  The R&D tax credit is an effective means of encouraging companies to increase their U.S.-based research activities and to keep those jobs in the United States.

A recent NTMA/PMA survey showed roughly half of One Voice members utilize the R&D tax credit and it is consistently ranked as one of the most important tax credits/deductions for manufacturers. The American Research and Competitiveness Act, introduced by Reps. Kevin Brady (R-TX) and John Larson (D-CT), to make the R&D tax credit permanent and increase the Alternative Simplified Credit to 20 percent. 

Please act now by clicking here to contact your Representatives and urge them to vote yes on Wednesday to support permanently extending and strengthening the expired R&D credit