McGuire Says, Unfortunately, the Cost of Critical Research Will Rise in the Meantime
WASHINGTON, June 29, 2004 – Explaining that sustained U.S. economic growth depends more than ever on the innovation derived from research and development, the National Association of Manufacturers today expressed hope that Congress will quickly renew and strengthen the R&D tax credit – set to expire tomorrow – promptly upon returning from its July 4 recess.
“Our U.S. economy and our manufacturing sector in particular have shown promising signs for several quarters, and it would be a shame to jeopardize this healthy expansion and job growth simply for lack of sufficient R&D investment,” reasoned NAM Senior Director for Tax Policy Monica McGuire.
“Even though the House and Senate have each passed bills that contain an 18-month extension of the R&D credit, and though a growing chorus of leaders in both bodies have now voiced their support for final passage,” McGuire continued, “the job has yet to be completed.
“Continued economic and job growth is inextricably linked to our commitment to long-term research here in the U.S.,” McGuire said. “Manufacturers believe a strengthened R&D credit will encourage more American businesses to engage in important research while making the U.S. a more attractive place to conduct such research. House and Senate bills must be reconciled soon to prevent investments in economy-leading R&D from dangerously falling off,” concluded McGuire.
NAM