COALITION HAILS HOUSE INTRODUCTION
OF A BIPARTISAN R&D CREDIT BILL
28 Members of the Ways and Means Committee Are Original Co-Sponsors
WASHINGTON, D.C. - The R&D Credit Coalition today applauds Reps. Nancy Johnson (R-CT), Rep. Ben Cardin (D-MD), and 56 co-sponsors from both sides of the aisle for introducing a bill that would make the R&D tax credit permanent and stronger. The bill (H.R. 1736) would increase the current Alternative Incremental Research Credit (AIRC) rates and provide for an elective credit that would extend the incentive to even more companies undertaking significant research and development spending in the United States.
“The business community is united behind this legislation because we understand that a permanent and stronger research credit will help create and preserve American jobs and make American workers more competitive in world markets,” said Karen Myers of EDS, who co-chairs the Coalition’s Government Affairs Committee.
“Economists agree that R&D is a critical component of productivity growth, which in turn helps the U.S. be more competitive,” said Keith Smith of United Technologies Corporation, who co-chairs the Coalition’s Government Affairs Committee. “The Investment in America Act recognizes this vital connection by providing an additional incentive for businesses to undertake the often costly and risky investment in additional research that can help stimulate economic growth well into the future.”
“Representatives Johnson and Cardin have demonstrated exceptional leadership on this issue and we will be working with them and their colleagues in the House and the Senate to ensure that this critical legislation is enacted this year,” added Smith. “We welcome the continued commitment of members of Congress to progress in this important area.”
The R&D Credit Coalition is a group of more than 85 trade and professional associations and more than 1,000 small, medium, and large companies, which engage in U.S.-based research that represent major sectors of our economy including aerospace, agriculture, biotechnology, chemicals, electronics, energy, information technology, manufacturing, medical technology, pharmaceuticals, software, and telecommunications.