WASHINGTON May 9 The U.S. House of
Representatives on Friday voted 274-131 to approve making a tax
credit for business research and development costs a permanent
part of the federal tax code for the first time.
The bill faces an uphill battle in the Democratic-controlled
Senate amid criticism that its estimated $156-billion, 10-year
cost to U.S. taxpayers is not offset by any new tax revenue. The
bill would give businesses a 20 percent tax break for qualifying
The credit is one of dozens of U.S. tax laws that are
temporary. It has been extended 15 times since it was enacted in
1981. It technically expired at the end of 2013.
(Reporting by Patrick Temple-West; Editing by Kevin Drawbaugh
and Chizu Nomiyama)