Washington, DC – Congresswoman Tulsi Gabbard (HI-02) today voted against the American Research and Competitiveness Act of 2014 (H.R. 4438), a bill which makes the research and development tax credit permanent. The bill has no pay-for, and is estimated to add $155 billion to the deficit over 10 years.
“I support innovation and the American entrepreneurial spirit, and believe that the research and development tax credit should be extended permanently. However, we cannot take this action on the backs of the American people, adding $155 billion to our deficit for the next generation to pay for,” said Congresswoman Tulsi Gabbard. “This bill does not pay for this permanent tax credit, therefore other programs will, by default, need to be cut. We cannot debate devastating cuts that negatively impact seniors, children and families, or our servicemembers and veterans, while at the same time giving expensive tax credits to corporations that haven’t been paid for. In order to fund critical programs, we must also support economic growth – we can do this by closing tax loopholes for special interests and U.S. companies that avoid taxes by moving operations overseas.”
The R&D tax credit was one of nearly 60 tax provisions that expired at the end of 2013.