PMA President supports legislation to extend tax credit.
Press Release Summary:
PMA President William E. Gaskin voiced support for the introduction of the Investment in America Act of 2007. The act permanently extends the Research and Experimentation Tax Credit to support research and development expenditures incurred in the U.S. Increasing the rate for Simplified Credit (ASC) to 20% from 12%, the bill also removes the Alternative Incremental Research Credit (AIRC) and makes these tax credits permanent.
Original Press Release:
PMA Applauds Levin/Camp Legislation to Permanently Extend R&D Tax Credit
WASHINGTON, D.C.-May 3, 2007-Precision Metalforming Association (PMA) President William E. Gaskin voiced strong support for the Investment in America Act of 2007, legislation introduced today in the House of Representatives to permanently extend the Research and Experimentation Tax Credit to support research and development expenditures incurred in the United States. The legislation was introduced by Rep. Sander Levin (D-MI) and Rep. Dave Camp (R-MI).
"Rep. Levin and Rep. Camp once again showed their commitment to maintaining a strong manufacturing sector in this country by introducing the Investment in America Act of 2007," said Gaskin. "This bill will help keep manufacturing in the U.S. With a permanent R&D tax credit, companies could develop long-term R&D strategies and budgets resulting in high-quality jobs remaining here in the U.S. We strongly urge Congress to join Rep. Levin and Rep. Camp in supporting U.S. manufacturers by passing this important legislation."
The Levin/Camp bill strengthens the R&D Tax Credit by increasing the rate for the Alternative Simplified Credit (ASC) to 20 percent from 12 percent, removing the Alternative Incremental Research Credit (AIRC), and making these tax credits permanent. Since its creation in 1981, the R&D tax credit has been extended 12 times. The credit is available for certain qualified research and development activities and may be used to offset employee wages, revenues paid to outside contractors and supply expenditures incurred in the United States.
The Precision Metalforming Association (PMA) is the full-service trade association representing the $41-billion metalforming industry of North America - the industry that creates precision metal products using stamping, fabricating and other value-added processes. Its nearly 1,200 member companies include metal stampers, hot-rolled fabricators, spinners, slide formers and roll formers as well as suppliers of equipment, materials and services to the industry. Members are located in 30 countries, with the majority found in North America (in 41 states of the U.S.) as well as Canada and Mexico.
Additional information on PMA can be found at www.metalformingadvocate.org or by contacting George Felcyn at 202-466-6210 or george.felcyn@pbnco.com.
