GOP lawmaker: Bipartisan tax bill will move soon

A high-ranking House Republican is predicting swift consideration of a tax research and development bill.

Rep. Kevin BradyKevin BradyOvernight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea Week ahead in finance: Clock ticking for GOP on tax reform Liberal groups want Mnuchin off GOP tax group following airplane controversies MORE (R-Texas), a senior member of the Ways and Means Committee, tells The Hill that his bipartisan legislation should hit the House floor in the "next few weeks."

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The bill, which would make permanent certain tax breaks for research and development, is co-sponsored by Connecticut Democratic Rep. John Larson.

Brady believes the House will pass the bill, designed to increase the tax credit from 14 percent to 20 percent for research and development. But he is worried that politics could derail it in the Senate.

At press time, the House announced it would vote on the bill next week.