A four-year delay of the switch was included in Democrats' budget reconciliation package, estimated to deliver roughly $125 billion in tax benefits to businesses through 2025. Over a decade, the government's cost would drop to $4 billion as companies would lose deductions in future years they'd otherwise claim.
While preserving full, immediate R&D expensing is popular among Democrats, some don’t want to move forward on the issue while party priorities to aid lower- and middle-income families like the child tax credit remain stalled.
If lawmakers don’t tuck it into the chips bill, the R&D delay could also move as part of an end-of-year tax package to extend expired tax provisions and other outstanding tax provisions with enough bipartisan support. Even if there is a one-year retroactive fix for the research deduction, Crapo said, it should still get another renewal as part of a year-end tax bill.
Senate Minority Whip John Thune, R-S.D., said it was more likely the R&D provision ends up in a year-end tax package than attached to the chips bill. “I think that gets fixed one way or the other,” Thune said.
'Real-time discussion'
Other provisions were still in play, including the funding authorizations for the National Science Foundation, Energy Department Office of Science and more that have bipartisan support, putting the timing of further action a little up in the air.
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July 20, 2022 at 05:30AM
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Test vote on 'chips-plus' bill teed up in Senate - Roll Call
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