A report from Ernst & Young describes the potential adverse impact on the U.S. economy if the research and development tax credit is not renewed.

The report, prepared by E&Y for a lobbying group, the R&D Credit Coalition, argues that failure to renew the R&D tax credit would affect both small and large companies in most industries across all 50 states. The credit has been extended a dozen times since it was first enacted in 1981 and most recently expired, for the 13th time, on Dec. 31, 2007.

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