R&D TAX CREDIT -- (House of Representatives - October 30, 2007)
Mr. ROSKAM. Madam Speaker, I rise today to raise awareness of the imminent need for Congress to extend and make permanent the research and development tax credit. The R&D tax credit is set to expire at the end of this year. At a time of increasing globalization, America's prosperity depends more than ever on its capacity to innovate. For decades, our Nation's leadership in research has led to discoveries that have dramatically improved living standards around the world and given rise to new industries that have in turn created millions of new jobs.
Other countries are well aware of the significant economic benefits that flow from R&D activities, and many have created strong tax incentives designed to attract R&D investment around the world. In fact, 10,000 American companies will be able to take advantage of the permanency of the R&D tax credit. In my district alone, small and medium manufacturers, technology companies and leading research institutions will greatly benefit from this tax credit.
Let's not play politics with the lifeblood of our economy. Let's join together, both sides of the aisle, to extend the R&D tax credit.