[Congressional Record Volume 154, Number 57 (Thursday, April 10, 2008)]
[Extensions of Remarks]
[Page E584]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     THE NEED FOR THE PASSAGE OF AN EXTENSION OF THE R&D TAX CREDIT

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                         HON. MICHAEL T. McCAUL

                                of texas

                    in the house of representatives

                        Thursday, April 10, 2008

  Mr. McCAUL of Texas. Madam Speaker, I rise to bring attention to the 
need for this Congress to act to reauthorize the expired Research and 
Development Tax Credit. The failure of Congress to extend this credit 
before the end of last year has created an uncertain environment for 
American companies that have used this provision in the past to fund 
the research needed to maintain our economic advantage in the global 
market.
  A good example of how this impacts real companies is Applied 
Materials. This company in my district invests over $1 billion in 
research per year. Without this tax credit, they expect their tax 
burden to increase by nearly $10 million. Although this is a small 
percentage of that $1 billion investment, that amount helps employ a 
lot of people in my district.
  Again, I ask that Congress take action to restore this important tax 
credit and not to jeopardize American jobs and economic 
competitiveness.

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