Workers call on Congress to extend R&D Tax Credit.
Press Release Summary:
More than 2,000 employees from U.S. research-dependent companies of all sizes urged U.S. Congress to renew and extend Research and Development Tax Credit, which expired on December 31, 2007. Tax credit has spurred billions of dollars in innovation-producing American investments and jobs since it was created more than 25 years ago. Thirty-nine states and 74 companies are represented in letter to Congress.
Original Press Release:
Thousands of U.S. Research & Development Workers Call on Congress to Extend the R&D Credit Now
WASHINGTON, DC - July 28, 2008 - More than two thousand employees from U.S. research-dependent companies of all sizes today urged the U.S. Congress to renew and extend the Research & Development (R&D) Tax Credit. The credit - which has spurred billions of dollars in innovation-producing American investments and jobs since it was first created more than 25 years ago -- expired on December 31, 2007. Thirty-nine states and 74 companies of all sizes are represented on the letter.
The following is the text of the letter from the thousands of R&D employees throughout the United States:
"Our country has always been a hospitable place for invention. It is a reflection of our values and ingenuity. Government policies such as the R&D tax credit are expressions of our desire to innovate and create. We write to you - from companies across the country both large and small - to address an issue that we believe will affect the likelihood that high-skilled jobs such as ours are located in our communities and in our country.
"Simply put, we are dismayed that Congress has allowed the R&D tax credit to expire. We know that most of you have lauded the benefits of the credit, and we appreciate this support. We urge you to act now to enact into law an extension of a strengthened credit because research-dependent jobs are at stake.
"The signatures you see on this letter represent just some of the tens of thousands of real people who have benefited positively from the effects of the credit over the past 26 years. You can read studies and surveys, but we are living proof that the vast majority of R&D credit dollars go directly to pay the wages of highly skilled American workers.
"Between high gas prices and falling home values, it is a difficult time for all Americans. As you work to boost U.S. economic activity, please act quickly to reinstate and strengthen a program with a track record of more than two decades of success. We thank you for your commitment to our country and to U.S workers."
A copy of the letter is available at: http://investinamericasfuture.org/PDFs/RDCoalitionLtr-EmployeeSignOn-Senate-FINAL-7-28-08.pdf
Contact: Monica McGuire (NAM)
Executive Secretary, R&D Credit Coalition
(202) 637-3076, mmcguire@nam.org
