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R&D Credit Coalition Commends House Small Business Committee for Hearing on How Expiring Tax Credits Will Impact U.S. Economy

Posted on: Wednesday, 30 September 2009, 14:34 CDT

WASHINGTON, Sept. 30 /PRNewswire-USNewswire/ -- The R&D Credit Coalition applauds the House Small Business Committee for meeting today to examine the impact that expiring tax credits, including the R&D tax credit, will have on small companies and the U.S. economy. The Coalition is urging Congress to act quickly to permanently extend and strengthen the R&D tax credit set to expire on December 31, 2009.

President Obama, in a speech last week, laid out his national innovation strategy with research and development as a centerpiece, calling for a permanent R&D tax credit. "This is a tax credit that helps companies afford the often high costs of developing new ideas, new technologies, new products -- which means new jobs. And this tax incentive returns two dollars to the economy for every one dollar we spend," the President said.

The following is a statement from the R&D Credit Coalition:

"We agree with the President that innovation is the lifeblood of our economy. The R&D Credit is a critical component to help turn cutting-edge ideas into millions of new jobs. The fact is that those U.S. companies that are engaged in R&D depend on the tax credit. Indeed, more than 70 percent of the benefits of the credit are attributable to the wages and salaries of workers performing research in the United States. We applaud the work of the House Small Business committee in recognizing the critical importance of innovation to our economy, as 70 percent of all new jobs are created by America's small businesses."

The House Small Business Committee met at 10:00 a.m. today in 2360 Rayburn House Office in full-committee hearing, titled: "Expiring Tax Incentives: Examining their Importance for Small Businesses on the Road to an Economic Recovery"

About the R&D Credit Coalition

The R&D Credit Coalition is a group of more than 100 trade and professional associations along with small, medium and large companies that collectively represent millions of American workers engaged in U.S.-based research throughout major sectors of the U.S. economy, including aerospace, agriculture, biotechnology, chemicals, electronics, energy, information technology, manufacturing, medical technology, pharmaceuticals, software and telecommunications. http://www.investinamericasfuture.org

SOURCE R&D Credit Coalition

Source: PR Newswire

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