Tag Archives: Orrin Hatch
Tell Congress to Make it Permanent.
The R&D tax credit, a proven engine of economic development, was created more than 30 years ago and spurs innovation by companies of every size across every sector. For medical research and development, the tax credit not only creates jobs, but it enables critical R&D focused on a host of disabling and deadly illnesses. However, as it stands, the tax credit needs to be reauthorized by Congress and the president every year. This creates uncertainty for businesses and hinders the full economic benefit of this incentive. Strengthening the tax credit by making it permanent is vital to continuing our nation’s commitment to research.
The Senate Finance Committee Chairman, Max Baucus (D-MT), and Ranking Member, Orrin Hatch (R-UT), are soliciting comments from their Senate colleagues as the committee embarks on tax reform. Starting with a “blank slate,” they hope to rebuild our nation’s tax code in a fair and simplified manner, including only those special provisions which grow the economy or promote policy goals. The R&D tax credit meets both of these tests by fueling economic activity and spurring medical progress. Ask your senator to push for inclusion of a permanent R&D tax credit in the revised tax system.
Take action now.
Dear Research Advocate:
Our elected representatives know they must make hard tax and entitlement reform decisions, and, for the sake of the nation, ensure those decisions foster economic growth and societal progress. Part of that equation is federal funding for medical research sufficient to capitalize on unprecedented scientific opportunity and tackle urgent threats like Alzheimer’s Disease. As I’ve highlighted before, a majority of Americans say they are willing to pay additional taxes — $1 more per week (which amounts to approximately $4.4 billion annually) — if they knew those dollars were funding medical research. The public is on our side with their wallets as well as their hearts and minds!
Speaking of taxes, the Senate Finance Committee is working on a tax reform package, and Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) are soliciting comments from their Senate colleagues to rebuild the tax code starting from a blank state. One component that definitely should be included is the R&D tax credit. This credit is a proven engine of economic development that spurs innovation. It creates jobs and supports critical medical research that otherwise would not be conducted. However, as it stands, the credit must be reauthorized each year. This is not only absurdly inefficient, it is counterproductive since the uncertainty it creates reduces the credit’s stimulative effect on R&D. First and foremost, of course, it is critical that the R&D tax credit be included in the tax package, but it is also extremely important to make the credit permanent to amplify it as a catalyst to economic and medical progress. Click here to view the letter Research!America sent in support of the tax credit, and click here to urge your senators to work with the committee to include the R&D tax credit in the tax package and finally make it permanent. Continue reading →