NAM President John Engler and Lezlee Westine, president and CEO of TechNet, have an op-ed in today’s Washington Times on Congress’ failure to reauthorize the R&D tax credit. If you sense some exasperation on the part of manufacturers, you’re right.
Congress knows the R&D credit needs to be strengthened and extended. In May, Congress had the opportunity to pass a final version of the bill, but opted not to do so. Just a few short weeks ago, partisan politics delayed final action yet again. This lost time amounts to a lost opportunity to bolster U.S. R&D and most important, U.S. competitiveness. How can Congress claim to support innovation when it delays action on agreed-upon solutions, denying our economy the benefits of home-grown research? This continued delay simply opens the door for foreign governments to capture it for themselves.
The R&D tax credit is an effective tool for promoting investment and creating good U.S. jobs. Further delays are foolish delays.
To encourage your Member of Congress to take action on the R&D tax credit, please click here.