The Natural Products Association (NPA) sent a letter to the chairmen and ranking members of the Senate Finance Committee and the House Ways and Means Committee requesting the tax credit for research and development (R&D) be made permanent. The NPA also requested reforms to the R&D in order to increase its efficiency and effectiveness.
“Making the R&D tax credit permanent would provide the industry with the resources and capital it needs to manufacture more safe, affordable, and reliable supplements for consumers,” said Dan Fabricant, CEO and executive director of NPA. “This would represent a major victory for the millions of Americans who take supplements each and every day. We strongly urge Congress to make these incentives permanent before adjourning for the year.”
“NPA member companies, large and small, make important investments in scientific research to create new products and improve the efficacy of existing products,” the NPA said in its letter to the Committee Chairmen. “These investments improve the health and well being of all Americans on a daily basis. The R&D tax credit provides critical financial support to these efforts.”
The NPA also asked Congress to make reforms to make the credit more effective. “NPA recommends that Congress increase the rate of the Alternative Simplified Credit (ASC) credit to 20 percent,” the NPA said. “This important reform will both improve the effectiveness of the credit, make the credit more competitive with R&D credits offered in other countries, and significantly simplify and improve the ability of companies to take advantage of the credit.”
The full letter can be viewed here.
For more information, visit www.npainfo.org.