BioCentury
ARTICLE | Politics & Policy

House passes R&D tax credit

May 22, 2015 1:15 AM UTC

The U.S. House of Representatives voted 274-145 to pass legislation that would increase and make permanent the R&D tax credit. H.R. 880, the American Research and Competitiveness Act, would increase the tax credit to 20% from 14%. The bill will now go to the U.S. Senate.

On Tuesday, the Obama Administration said it "strongly opposes" the bill because it does not include offsets and would add $180 billion to the deficit over the next 10 years. The administration said that if President Obama were presented with the bill, his senior advisors would recommend that he veto it. ...