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R&D Tax Bill stalled but still on the agenda
25th June 2010. The R&D Bill was not heard in the Senate yesterday, and so will not pass in this sitting of Parliament.
The next possible sitting is in late August; however, with the change of Prime Minister and the possibility of an early election, it is possible this sitting may not occur.
For more information about the R&D Tax Bill go to the BMN Resources page or click here.
The following is from a media release distributed from Th Hon Kim Carr's office on the 28th June 2010.
Monday, 28 June 2010
ABBOTT STANDS IN WAY OF VITAL SUPPORT TO SMALL BUSINESS
“The Opposition has denied Australian business a significant increase in support for R&D,” the Minister for Innovation, Industry, Science and Research, Senator Kim Carr said.
“Thanks to the Opposition, many small businesses have been denied upfront cash credits for their investments in innovation.
“The Opposition deliberately prolonged debate on other Senate business to prevent debate on the R&D legislation. It did this because it knew the Government was close to securing minor-party support for passing the legislation.
“The Government maintains its strong support for this important reform, and will continue to prosecute the legislation in the Parliament.
“The Government has announced its intention to pursue a start date of 1 July 2010.”
The following was published by Biotech Daily on Friday June 25th, 2010. To subscribe to Biotech Daily click here.
A spokeswoman for Innovation Minister Senator Kim Carr says the R&D Tax Credit Bill has passed the House of Representatives and is awaiting Senate debate. The spokeswoman said the Bill has not been shelved and was “still on the agenda”. Biotech Daily understands that speculation in the biotechnology sector on the tax credit start date of July 1, 2010 has caused at least one deal to be cancelled. Through a spokeswoman, Senator Carr told Biotech Daily: “The Liberal Party’s deliberate filibustering and obstruction in the Senate has deprived small and medium sized businesses from doubling their cash benefits and large business from having their benefits increases by one third.” “I remain resolute in pursuit in having these reforms adopted by the Parliament upon our return,” Senator Carr said.
“The legislation was not debated in the Senate by the end of the sitting period and therefore the legislation will not be passed by July 1, 2010,” Senator Carr said. “The Government maintains its support for this important reform and it is the Government’s intention to make these changes law,” Senator Carr said.
