McCollum Statement on H.R. 4438

Washington, DC – Congresswoman Betty McCollum (D-MN) released the following statement in advance of a vote on H.R. 4438:

“This legislation would make permanent R&D tax credits without paying for them, adding $156 billion to our nation’s debt. My Republican colleagues consistently talk about the need to balance the budget and are now voting for a bill that would significantly add to our nation’s debt.

“I have consistently supported R&D tax credits throughout my time in Congress in order to help businesses innovate and compete globally - but I believe they must be paid for. Congress must approach spending in the tax code the same way we approach spending on the appropriations side: there must be responsible offsets.

“This bill fails to reach any kind of bipartisan agreement on a way to extend these R&D credits. This failure would jeopardize critical resources for lifesaving research, education, infrastructure improvements, and job training. For these reasons this bill will not have my support.”

Last month, Congresswoman McCollum voted in support of the Democratic Budget for Fiscal Year 2015 which included a deficit-neutral reserve fund that could have accommodated an extension of various expired tax credits, including the R&D tax credits.

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