A new, bipartisan bill to promote private-sector research and development has just been introduced in the Congress. Passing this new and strengthened R&D tax credit — H.R. 2138 — is one of the most important things our lawmakers can do this year for the U.S. economy.
This credit encourages companies to invest in research, right here in the United States. More than 75 percent of the credit dollars go to support wages of employees engaged in R&D. Manufacturers, not surprisingly, are the largest, most effective users of this tax incentive.
And the credit does more than just create jobs. R&D spreads innovation through the whole economy, producing a higher standard of living for all Americans.
Right now, the R&D tax credit is due to expire at the end of 2007, expiring for the 13th time.
This on-again, off-again credit is no way to encourage U.S. investment, especially when other countries are aggressively promoting their own tax incentives. So this bill makes the R&D tax credit permanent, it makes it stronger, and it makes it more effective.
This bipartisan R&D tax credit bill is a major piece of pro-growth legislation. We applaud its sponsors, Reps. Sander Levin, D-MI, and Dave Camp, R-MI, and the NAM looks forward to working with them to see this bill passed into law and signed by the President.
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