Nicola Willis hints National to campaign on income bracket changes, research tax credit

Nicola Willis has hinted National will campaign on changes to the research and development tax credit after businesses hailed its success.She also indicated changes to income tax brackets.Business NZ's election conference in Wellington began with a political panel on the economy, with National's Willis, Labour's Barbara Edmonds, ACT's David Seymour, New Zealand First's Shane Jones, the Greens' Chlöe Swarbrick and Opportunity's Qiulae Wong.Te Pāti Māori was not represented.The politicians were asked what one tax or regulatory change they would make that would support businesses."I've got a newsworthy thing to say," said Willis, pointing to Business NZ's election manifesto which she said reflected the success of the research and development tax credit.The tax credit incentivises science and technology research and development.Willis said businesses clearly valued it, and it was supporting innovation."We will wait until after the pre-election fiscal update (on 29 September) to make a specific announcement, but that's the next cab off the rank for me," she said.Willis also said National would address "bracket creep" which is when inflation pushes people into higher tax brackets.Adjusting tax settings would ensure "working people on average wages aren't being slapped with bigger and larger effective taxes every year," she said."After the pre-election update, I will have more to say."On tax policy, Edmonds referred to Labour's already-announced capital gains tax, which would also "streamline" land rules in the Income Tax Act and give businesses certainty.Seymour pointed to ACT pushing the government to cut red tape, including reforms in holiday and health and safety laws, the Resource Management Act, and fast-track legislation.Jones said he was proud that "no more voice was louder than mine in ridding these unwanted burdensome ideological climate change reporting standards that had been imposed on New Zealand firms".Swarbrick said the Greens would boost market competition particularly in the energy and supermarket sectors.Wong also spoke to competition, including giving the Commerce Commission more teeth to take action on the "screeds of reports and recommendations" it's already put out.