The vote was 274 to 145 with 37 Democrats supporting it.
The bill would make permanent the alternative simplified method for calculating the research credit and increases the rate to 20 percent. The proposal repeals the traditional 20 percent research credit calculation method. For more information, click here.
The R&D tax credit was extended retroactively for one-year on Dec. 19, 2014, but expired again on Dec. 31. The House approved a similar bill last year despite a Presidential veto threat. However, the House did not approve the bill with a veto-proof margin, and the Senate did not consider the bill prior to the end of the year. This week the White House also threatened to veto H.R. 880 because the $182 billion cost of the bill is not offset.
Financial Executives International  supports improving and making the R&D tax credit permanent and is working towards a strong vote in favor of H.R. 880 in the House. FEI sent a letter to the full House on Monday in support of the bill.
Nearly 80 FEI members also emailed letters using FEI Grassroots over the last week to urge their Representatives to vote in favor of H.R. 880.