[Congressional Record Volume 145, Number 94 (Tuesday, June 29, 1999)]
[Senate]
[Page S7816]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        COSPONSORSHIP OF S. 680

  Mr. CLELAND. Mr. President, I am happy to announce that I have 
decided to cosponsor S. 680. This bill, which was introduced by 
Senators Hatch and Baucus, makes the tax credit for research and 
development permanent so as to encourage investment by companies and 
external investors in research activities. It has been shown through 
studies conducted by the General Accounting Office and the Bureau of 
Labor Statistics that R&D tax credit stimulates domestic R&D spending 
by U.S. companies. This continued spending on R&D is very important for 
the U.S. economy as we head into the next century, and I believe this 
bill serves an important purpose in achieving this goal.
  I look forward to cosponsoring this bill and gaining support for it 
in the days ahead.

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