Letter to Congressional Leaders to Include GBCs in CARES 4.0
Updated: Dec 8, 2021
July 23, 2020
Published by: The Recovery Coalition
Dear Leader McConnell, Speaker Pelosi, Leader Schumer and Ranking Member McCarthy:
On behalf of The Recovery Coalition, a non-partisan group of businesses and associations who believe that pro-growth tax policy changes and legislation are essential to helping our economy recover, we urge the adoption of the bi-cameral legislation by Sen. Cornyn (R-TX) and Rep. Arrington (R-TX19) to make general business credits refundable in the “Phase IV” economic recovery package being currently considered.
Congress already passed laws to make billions of dollars available to companies through tax credits, and the US Treasury already owes these moneys to companies. The bad news is that companies have to wait up to 20 years to get their money from the government, and in the current economic climate, these same businesses are laying-off their employees and curbing investments to conserve depleted cash balances.
Allowing immediate access to these credits is not a hand-out nor even new spending...
Read full letter here.