[Congressional Record Volume 155, Number 68 (Tuesday, May 5, 2009)]
[House]
[Page H5104]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     MAKE R&D TAX CREDIT PERMANENT

  (Mr. LEE of New York asked and was given permission to address the 
House for 1 minute.)
  Mr. LEE of New York. Mr. Speaker, yesterday the President announced 
tax reforms that would pave the way for making the research and 
development tax credit permanent.
  R&D is the lifeblood of our economy, and this tax credit provides 
companies with an incentive to invest in technology and expand their 
operations. In 2005, more than 70 percent of R&D tax credit dollars 
nationwide went toward wages for highly skilled jobs.
  Since 1981, however, Congress has extended the credit 12 times with 
extensions as short as just 6 months. Retroactive extensions leave 
companies in uncertain circumstances for long periods of time beyond 
the expiration date.
  This is why I have introduced bipartisan legislation with Mr. 
Boccieri of Ohio that would make the R&D tax credit permanent. Unlike 
other proposals to make the R&D tax credit permanent, H.R. 1545 would 
also offer a bonus tax credit for companies who manufacture their 
products in the United States.
  We shouldn't wait to make the R&D tax credit permanent. We should act 
now to sustain the manufacturing base that is so critical to this 
country's future.

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