AIA welcomes House vote on R&D tax credit extension.
Press Release Summary:
AIA welcomes House vote to permanently extend research and development tax credit which lapsed at the end of 2014. This credit supports companies that invest working capital in basic research and in applied research aimed at the creation or improvement of products. More than 70% of the credit is used to fund salaries of R&D workers who hold high-quality jobs that fuel the national economy, while remainder is applied to investment in new plants and equipment.
Original Press Release:
AIA Welcomes House Vote on Permanent R&D Tax Credit Extension
Statement by Aerospace Industries Association President and CEO David F. Melcher on the House voting to extend the R&D Tax Credit permanently.
Arlington, Va. — AIA welcomes the House vote to permanently extend the research and development tax credit which lapsed at the end of 2014. It provides an important incentive during these times of fiscal austerity for thousands of companies to make long-term investments in innovation and is critical to creating economic growth. Particularly at a time when DOD is actively seeking new sources of innovation, it’s imperative that we do everything in our power to incentivize companies in every sector to invest in innovative ideas and solutions.
This credit supports companies that invest working capital in basic research and in applied research aimed at the creation or improvement of products. More than 70 percent of the credit is used to fund the salaries of R&D workers who hold the kinds of high-quality jobs that fuel our national economy, with the remainder applied to investment in new plant and equipment.
Currently, the U.S. significantly trails other leading countries in providing incentives for companies to conduct research and development. Making this critical tool for spurring investment and innovation permanent helps maintain the American edge in innovation and provides companies with the certainty they need for long range planning. The House is to be congratulated for voting to ensure American companies can rely on this credit going forward and we encourage the Senate to pass the bill as soon as possible.
CONTACT:Â Keith Mordoff
(703) 358-1075 office
(240) 338-1255 mobile
keith.mordoff@aia-aerospace.org
Founded in 1919 shortly after the birth of flight, the Aerospace Industries Association is the most authoritative and influential trade association representing the nation’s leading manufacturers and suppliers of civil, military and business aircraft, helicopters, unmanned aircraft systems, space systems, aircraft engines, homeland and cybersecurity systems, materiel and related components, equipment services and information technology.
Daniel N. Stohr
Director, Communications
Aerospace Industries Association
1000 Wilson Blvd., Suite 1700
Arlington, Virginia 22209 USA
T: 703-358-1078 C: 703-517-8173
dan.stohr@aia-aerospace.org
