The R&D Credit Coalition, an organization representing thousands of businesses engaged in U.S.-based research and development activities, is calling on Congress to extend and strengthen the R&D tax credit before its session ends in September..
A statement issued by Monica M. McGuire, the senior policy director for taxation for the National Association of Manufacturers and the executive secretary of the R&D Credit Coalition, said the R&D tax credit is important to U.S. manufacturing companies that rely on research and development.
“The failure of the Senate to get the 60 votes necessary to pass legislation that contained an extension of the R&D tax credit is extremely problematic for American businesses,” the statement said. It noted that the tax incentive expired more than seven months ago and that it the same as giving a tax increase to U.S. companies.
“Throughout the year, President Bush has stressed the importance of the R&D credit and members of both the House and Senate repeatedly have endorsed the credit as a valuable tool in fostering U.S.-based technology and innovation. Congress must seamlessly extend and strengthen the R&D tax credit before adjourning in September.