Wednesday, June 30, 2004
The high-tech industry is again beating the drums for an extension of the R&D tax credit. This time, lobbying groups are also seeking to expand the tax break.
The R&D tax credit is scheduled to expire on Wednesday (June 30).
The Senate earlier approved legislation increasing incentives to perform research in the United States. Under the provision, only R&D performed in the U.S. would qualify for the tax credit. Supporters want the House of Representatives and the full Congress to adopt the proposal.
"We urge the Congress to pass a seamless extension of the credit that includes Senate-passed provisions which increase incentives to perform research activities in the U.S.," said Rhett Dawson, president of the Information Technology Industry Council, based here.
ITI and other groups annually press lawmakers to extend the R&D tax credit from anywhere from five years to a permanent extension. Growing federal budget deficits have made legislators reluctant to approve anything beyond a one-year extension.
Proponents argue that the growing movement of advanced technology, jobs and innovation to Asia requires government intervention to boost U.S. high-tech competitiveness.
By: DocMemory
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