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News & Views |R&D Credit to Be Extended July 1, Archer and Roth ConfirmMonday, May 10, 1999 OnLine The research and development tax credit and other tax provisions set to expire at the end of July will be extended effective July 1, according to a May 10 statement issued by Senate Finance Committee Chairman Bill Roth, R-Del., and House Ways and Means Committee Chairman Bill Archer, R-Texas. "Even though the committees may not act until July 16 and July 23, it is our intention that such extenders will be effective as of July 1, 1999," wrote the tax-writing committee chairmen. The House Ways and Means Committee must act on a tax bill by July 16 and the Senate Finance Committee must act by July 23, according to the fiscal year 2000 budget resolution, which was approved by Congress last month. |
The following provisions will expire June 30:
The exception under subpart F of the tax code for active finance income is set to expire December 31, 1999. No indication was given about how the revenue loss from extending the provisions would
be offset. Lawmakers will review Clinton’s budget to see if any of his proposals are
acceptable and will consult with staff to develop a list. All tax cuts have to be paid for
with spending cuts or tax increases. |
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