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Washington, D.C. – February 14, 2011: The R&D Credit Coalition commends the Obama Administration for including in its FY 2012 budget proposal a permanent extension of the research and development (R&D) tax credit and an increase in the alternative simplified credit (ASC) from 14% to 17%. This proposal reflects not only the consistent support of this and previous Administrations for the existing credit, but also, for the first time, a President's budget includes a significant strengthening of the credit.
“The Coalition is pleased the Administration recognizes the value of the R&D tax credit in maintaining and creating jobs in America,” said Ronald Dickel, Coalition Chairman. “We appreciate the White House leadership in recommending a strong proposal that significantly moves the credit toward the Coalition’s long advocated bipartisan goal of a 20% ASC.”
A strengthened, permanent R&D credit will spur U.S. job creation, boost our country’s GDP, and spawn countless new innovations. The R&D proposal released today is evidence that the Administration is committed to take important steps toward restoring the U.S. R&D credit to its place as the best R&D tax incentive in the world and reversing this past decade's sharp drop in the U.S. share of global R&D from 39% to 33%.
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. www.investinamericasfuture.org
About NAM
The National Association of Manufacturers (NAM) is the leading manufacturing association, representing manufacturers in every industrial sector and in all 50 states. Our mission is to be the voice of all manufacturing in the United States and inform policymakers about manufacturing’s vital role in the U.S. economy.
Read the NAM's free report “Manufacturing Strategy for Jobs and a Competitive America”. The Strategy provides a roadmap for making manufacturing in America more competitive, more productive and the creator of even more high-paying jobs. www.nam.org
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