At 11 a.m. this morning, members of the R&D Credit Coalition will hold a Capitol Hill News Conference to urge swift action to renew, extend and strengthen the Research and Development Tax Credit. Congress enacted an R&D tax credit in 1981 to provide businesses an incentive for spending on research and development, but the temporary tax credit expired 11 times since then, most recently at the end of last year. The delays and uncertainty have made investment decisions much more difficult.
The push for a seamless renewal — retroactive to the last expiration — is a bipartisan effort, and the 11 a.m. news conference in Room 124 of the Dirksen Senate Office Building will feature the leaders of major trade associations who promote R&D. Time is tight in the lame-duck session, and action on the credit is a priority. Please take time to drop your Members of Congress a note (by clicking here) urging passage of a seamless renewal of the R&D Tax Credit.
UPDATE: The Hill newspaper today highlighted the R&D tax credit issue as one of the top lame-duck issues supported by business:
After an election that featured a flood of negative advertising, leaders in both parties have pledged a new spirit of bipartisanship leading into the holiday season.
A research and development tax break backed by a broad coalition “is a great issue for both parties to show they can work in a bipartisan manner,” said Monica McGuire, executive secretary of the R&D Tax Credit Coalition, which includes the National Association of Manufacturers and high-tech groups.
It’s important for the U.S. to catch up to countries such as Australia, which offers a 125 percent tax deduction for R&D expenses, the trade groups said. “Today, it’s important we start looking over our shoulder,” said Representative Todd Tiahrt, a Kansas Republican. “The question is where do you want those jobs? Do you want them in Finland, Ireland, China or India. Or do you want them in America?”
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