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Hundreds of U.S. Companies & Organizations Urge Congress to Strengthen and Make Permanent the R&D Tax Credit
October 21, 2009More than 400 companies and business organizations from across the United States this week urged Congress to approve legislation to strengthen and make permanent the R&D tax credit before it expires on December 31, 2009. Today, more than 70 percent of the benefits of the credit are attributable to the salaries of workers performing U.S. based research. President Barack Obama in recent months has called for the Credit to be made permanent. In a letter sent to Congressional leadership and every member of the U.S. Congress, the companies wrote: "The R&D tax credit encourages businesses of all sizes to undertake cutting-edge research projects in the United States. R&D is the very lifeblood of our knowledge economy. At a time when the American economy is weak, research and development across industry sectors makes it possible to create and maintain good, high-paying jobs at home and sharpens the ability of companies to compete in the global marketplace. Full release.