Microsoft, Google, Big 3 auto press Congress for R&D tax credit
By Staff -- Manufacturing Business Technology, 10/1/2006 12:00:00 AM
An election-year standoff has businesses sweating whether Congress will reinstate a popular R&D tax credit before the end of the year. The credit expired at the end of 2005, and has long served as a perennial bargaining chip in congressional tax talks. But with lawmakers seeking to leave town soon and not return until after the mid-term elections, business lobbyists are nervous.
“Companies are forced to make critical R&D investment decisions under a cloud of uncertainty that is affecting current projects and future plans,” the R&D Credit Coalition wrote in a letter to House and Senate leaders from both parties in mid-September. “Congress should put an end to the tax on American innovation and act swiftly to restore and strengthen the federal R&D tax credit.”
The coalition encompasses business trade groups and hundreds of corporate heavyweights, including Google, Microsoft, 3M, and the Big 3 automakers.
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