A major bipartisan tax deal could soon be on the floor of the House and Senate – which is welcome news for American businesses, families, and consumers. Over the past month, we’ve been urging lawmakers to come to an agreement and support restoring or extending many pro-growth tax incentives as part of the Tax Cuts and Jobs Act, specifically the Research and Development Tax Credit, bonus depreciation, and interest deductibility.
These incentives, particularly the R&D Tax Credit, have proven to be an effective means of promoting American innovation and protecting America’s competitive edge. Without these deductions, many technology startups may no longer be feasible, and even large businesses that can afford higher costs could still pull back on R&D as it no longer presents the tax advantages it used to. Put simply, creative endeavors require companies to take on greater risks.
New podcasts, op-eds, and blogs from our team highlight the political and policy importance of a bipartisan tax deal to be passed as soon as possible. Time is of the essence for Congress to deliver for businesses and taxpayers alike!
Listen to our podcast featuring Pete Sepp, President of the National Taxpayers Union.
Read our op-ed “Can We All Agree Innovation is Good?” in The Hill.
Read our op-ed, “Congress Should Extend 100 Percent Bonus Depreciation,” in the Economic Standard.
Read our blog post “Do R&D Tax Credits Encourage Innovation?”
- “Without the passage of corrective acts like the American Innovation and R&D Competitiveness Act, American innovation could face unfortunate setbacks, specifically for small businesses, tech and manufacturing.”
- “Small companies, which are often start-ups without a reliable source of revenue, rely on full deductions to stay in business.”
- “For this reason, preserving R&D tax deductions is well worth the cost, as it offsets inherent risk and promotes discovery which drives economic growth.”
- “It remains to be seen if Congress can reach a timely agreement on a tax package. However, one thing is sure: American livelihoods hang in the balance.”
- “Building a more resilient economy that can withstand the turbulence we may be having ahead means taking a look at these tax credits and how they have affected our economy.”
- “A deal can be made if Congress moves it up the priority list with these aid packages, and enough citizens continue to put pressure on their lawmakers to say ‘this is my priority for you in the next month.”