House Votes to Make Research Tax Credit Permanent

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) -- The House has voted to make permanent a tax credit that rewards businesses for investing in research and development.

The tax credit expired at the beginning of the year, along with more than 50 other tax breaks that are routinely extended.

House Republicans say the vote is the beginning of a broader effort to add more certainty to the tax code. In the coming weeks, they hope to vote on bills that would make more temporary tax breaks permanent.

House Democrats call the bill a corporate giveaway that would add $156 billion to the budget deficit over the next decade.

President Barack Obama supports making the research and development tax credit permanent. But the White House threatened to veto the House bill because it's not offset by other tax increases.


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