Technology CEO Council Concerned Latest Tax Extenders Bill, H.R. 4213, Will Harm Job Creation and Economic Recovery

WASHINGTON, May 25 /PRNewswire-USNewswire/ -- Today, Bruce Mehlman, Executive Director of the Technology CEO Council (TCC), issued the following statement on H.R. 4213, "The American Jobs, Closing Tax Loopholes and Preventing Outsourcing Act," the so-called "extenders bill."

"At a time when innovative companies are looking for more certainty and stability, the extenders bill as currently drafted fails to provide either.  While the legislation extends the important R&D and other job creating credits, last-minute proposals to raise revenue could outweigh the bill's positive aspects, possibly costing -- not creating -- jobs.  

"Specifically, H.R. 4213 uses permanent revenue raisers to fund temporary tax reductions -- bad tax policy.  The TCC has serious concerns with the lack of a transparent process, as well as the retroactive nature of many of the pay-fors contained in the bill.  

"Without any notice and with immediate effective dates, H.R. 4213 modifies a number of international provisions that have been in the tax code for decades, a process that is fundamentally unfair to taxpayers.  Imposing taxes retroactively sets a bad precedent and increases uncertainty for companies at a time when they are struggling with a recovering economy.

"Finally, H.R. 4213 raises revenue from the international provisions of the Code despite a general consensus that they should be addressed in the context of fundamental tax reform to avoid adverse consequences to American companies' global competitiveness.

"We urge House and Senate leadership and relevant committees to reconsider inclusion of these harmful provisions as the extenders package moves forward."

SOURCE Technology CEO Council