BioCentury
ARTICLE | Politics & Policy

White House opposes House bill on R&D tax credit

May 7, 2014 12:36 AM UTC

The Obama Administration said in a statement of administration policy that it "strongly opposes" H.R. 4438, a bill that would increase and make permanent the R&D tax credit. The White House said it "supports enhancing, simplifying, and making permanent" the R&D tax credit, but said President Obama's senior advisors would recommend he veto the bill because it does not include revenue measures to offset the costs of making the credit permanent. According to a cost estimate released by the Congressional Budget Office last week, H.R. 4438 would cost about $156 billion over 2014-24 (see BioCentury Extra, May 2). ...