REP. PANETTA LEADS BIPARTISAN LETTER RAISING CONCERNS ABOUT META'S USE OF RESEARCH TAX CREDIT FOR DATA CENTERS

Washington, Oct. 15 -- Representative Jimmy Panetta issued the following press release:

United States Representatives Jimmy Panetta (CA-19) and Greg Steube (FL-17) wrote a bipartisan letter to Treasury Secretary Scott Bessent expressing concerns about reports that Meta is seeking to use the federal research tax credit for its data center buildout. The bipartisan letter, co-led by Reps. Mike Thompson (CA-04) and Suzan DelBene (WA-01), emphasized that any claims by Meta for the federal tax credit must meet the clearly defined requirements for qualified research and experimentation.

Congress established the research tax credit in 1981 amid concerns about declining private-sector research investment and U.S. technological competitiveness. By ...