U.S. Sen. Pat Roberts (R-KS) logged a vote this week for small businesses, ranchers and farmers, helping to advance a two-year tax extenders package through the Senate Finance Committee.
The committee cleared the tax extenders legislation via a convincing vote of 23 to 3, and will head to the full Senate for debate and a vote.
“Research and development in new technologies and new products is an important source of economic growth,” Roberts said. “The new technologies, products and lower prices generated by investments in R&D create new jobs, raise wages, and create new demand for goods and services.”
The language in the bill includes a provision that helps members of the military qualify for low-income housing.
The Low Income Housing Tax Credit (LIHTC), a project Roberts has worked to implement for some time, will benefit Kansas military installations and helps soldiers in lower pay grades find affordable housing.
The bill also includes a pro-growth measure to help small businesses and startups take advantage of a tax credit for research and development, and a 50 percent bonus depreciation provision for farmers and ranchers.
“Our legislation would increase cash flow for small businesses and startups involved in R&D-intensive activities by reducing past, current and future tax liabilities leading to permanent tax savings,” Roberts added. “This would also reduce a company’s effective tax rate, increasing cash flow and improving earnings, which results in them becoming a more attractive investment.”