WASHINGTON — Dozens of House members sent a letter to party leaders calling for “immediate action” to restore a more generous tax break for companies’ research and development spending, as senators prepared to weigh in with their own show of support Wednesday.
The bipartisan letter led by Reps. John B. Larson, D-Conn., and Ron Estes, R-Kan., and signed by 67 other lawmakers argues that reviving businesses’ ability to fully and immediately deduct research and development costs is a matter of global competitiveness, particularly as the U.S. tries to compete economically with China’s growth, according to a copy of the letter obtained by CQ Roll Call.
“As each month passes, failure to act yields proportionately more harm to innovation and competitiveness,” the lawmakers wrote. “We request immediate action on this urgent tax policy matter.”
