Washington (April 26, 2004) -- The United States Chamber of Commerce has urged Congress to reauthorize the research and experimentation tax credit, slated to expire at the end of June.
“Innovations fueled by the R&E credit have led to major advances in science and technology,” said Bruce Josten, chamber executive vice president. “The credit is an effective and powerful incentive for U.S. businesses of all sizes to increase research investment, and we cannot underestimate its positive effect on the economy and jobs.”
Only R&E work performed in the U.S. may qualify for the credit. Since more than 75 percent of credit dollars are earned on wages paid to people directly involved in R&E, these investments also lead to increases in productivity, the creation of new products, and strengthening the economy, according to the chamber.
“We need to stay on track and continue to provide this important credit,” continued Josten. “The chamber urges Congress to pass legislation before the credit expires."
-- WebCPA staff
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