Anna Eshoo: “Yesterday the Research and Development tax credit in our Nation expired. H.R. 835, a bipartisan bill supported by over…”

“Yesterday the Research and Development tax credit in our Nation expired. H.R. 835, a bipartisan bill supported by over 150 of our colleagues, would make this Research and Development tax credit permanent. Mr. Speaker, because the tax credit has expired, we need to act. What are we waiting for? We really should pass this bill because the bill is good public policy. Making the R&D tax credit permanent is critical to the continuing growth of America's economy, especially our new economy. If this tax credit were made permanent, our GDP would increase by nearly $28 billion over the next 20 years. American businesses, Mr. Speaker, cannot base their planning on a year-to-year renewal of this credit anymore than the American family should base their financial planning on a year-to-year renewal of the home mortgage deduction. So now that the tax credit has expired, Congress should extend it. What are we waiting for, Mr. Speaker? Let us take action on this and expand our economy in a new and better way.”