Watson Coleman Statement on R&D Tax Credit Bill
For Immediate Release
Washington, DC (May 20, 2015) ― Today, Rep. Bonnie Watson Coleman issued the following statement after the House voted to approve H.R. 880, the American Research and Competitiveness Act of 2015, legislation that would make the Research and Experimentation Credit (R&D credit) permanent without addressing the $182 billion it adds to the deficit:
“Federal support for research and development is absolutely essential to creating high-skilled jobs and promoting a strong economy in my district and across the country, but that support comes at a cost, and this bill refuses to pay it. By making the R&D tax credit permanent without offsetting the costs by closing other tax loopholes, we add $182 billion to the deficit. That’s simply unacceptable.
“Republicans have consistently applied a double standard to bills that spend taxpayer dollars ― cutting wantonly and invoking the deficit when it comes to programs that help create jobs for working families, but tossing the budget out of the window when it suits them. I support effective, tailored tax relief, such as making the R&D credit permanent, but we need to pay for it so that we can make all of the other important investments this country needs.”