The House postponed consideration of H.R. 4438, the "American Research and Competitiveness Act of 2014" until tomorrow.
In remarks on the House floor today, Ways and Means Committee Chairman Dave Camp said, “The bill we have before us is a result of the years of work Ways and Means Committee Members have put into tax reform. By simplifying the credit, we eliminate the burden on businesses to do substantial amounts of recordkeeping, maintain countless receipts and perform complex calculations. And, notably, the R&D credit has been historically bipartisan.” Camp added, “Now, many on the other side of the aisle have commented about the fact that this job-creating provision is unpaid for. I would note that this provision, among other extenders, has historically not been paid for. All together, Ways and Means Democrats have cast 71 votes on this floor in favor of unpaid extensions of this policy – that amounts to over 15 years’ worth of extensions. So, while the change of tune may be for political reasons, I think we all can agree that this is the right policy. Making the R&D tax credit permanent is an important first step to achieve growth and put us on a path toward comprehensive reform that lowers rates and makes the code simpler and fairer.”
On the Senate side, Sen. Dean Heller may try to attach a bill extending unemployment benefits to a package of corporate tax provisions on the Senate floor next week. Heller said, “We are taking a look at favorable pieces of legislation out there that we can attach something to.”