The Australian Greens will move amendments in the Senate to strike out Government plans to cut R&D incentives for large companies and instead put in place quarterly payments for small and medium size businesses eligible for a R&D tax incentive refund.
The Tax Laws Amendment (Research and Development) Bill 2013 is currently before the Senate and crossbench Senators will determine its passage.
“Tony Abbott is an economic wrecking ball and these cuts to research and development incentives prove it,” said Adam Bandt MP, Greens Research spokesperson.
“Research and development is vital to our prosperity regardless of the size of company. We should be boosting funding not cutting it.”
“If the government was serious about innovation it would support our amendments which follow through on legislation secured by the Greens from the last government and which were introduced to Parliament, but not passed in time for the election. Tony Abbott is scrapping the plan to support small business.”
“These changes had the wide backing of all business and would make a big difference to small and medium enterprises engaged in R&D but with limited cash flow.”
“I hope the cross bench will get behind our amendments and back small business and protect R&D incentives.”