R&D CREDIT COALITION CALLS ON CONGRESS TO ENACT
A PERMANENT, STRENGTHENED R&D TAX CREDIT
Changes Needed to Protect U.S. Jobs, Support Innovation and Economic Growth
June 16, 2005 (Washington, D.C) – The R&D Credit Coalition, an organization representing thousands of businesses engaged in U.S.-based research and development activities, today urged Congress to pass on a priority basis legislation to make permanent and strengthen the R&D tax credit.
In a letter signed by 554 companies and associations and sent to the leadership of the House Ways and Means Committee and the Senate Finance Committee, the coalition called the R&D Credit “a critical investment in America’s future.” The long list of companies and associations that signed the letter, representing millions of employees working in every state, demonstrates the business community’s consensus that a permanent credit will encourage companies to make sustained, reliable commitments to long-term research and development.
The coalition also seeks to strengthen the credit by increasing the Alternative Incremental Credit (AIRC) rates and creating an Alternative Simplified Credit.
“Research fosters technological innovations, creates jobs, and ensures U.S. competitiveness in global markets,” said Karen Myers, Director of Tax and Trade Policy for coalition member EDS and co-chair of the coalition’s Government Affairs Committee. “Immediate action is necessary because a growing number of other nations now recognize the economic benefits of research and are providing tax incentives that are more generous than ours. We must not fall behind.”
A copy of the letter, and other information about the need for a permanent and strengthened R&D tax credit, can be found on the R&D Credit Coalition’s Web site at www.investinamericasfuture.org.