[Congressional Record (Bound Edition), Volume 145 (1999), Part 11]
[House]
[Page 14960]
[From the U.S. Government Publishing Office, www.gpo.gov]




          MAKING RESEARCH AND DEVELOPMENT TAX CREDIT PERMANENT

  (Ms. ESHOO asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. ESHOO. Mr. Speaker, yesterday the Research and Development tax 
credit in our Nation expired. H.R. 835, a bipartisan bill supported by 
over 150 of our colleagues, would make this Research and Development 
tax credit permanent.
  Mr. Speaker, because the tax credit has expired, we need to act. What 
are we waiting for? We really should pass this bill because the bill is 
good public policy. Making the R&D tax credit permanent is critical to 
the continuing growth of America's economy, especially our new economy.
  If this tax credit were made permanent, our GDP would increase by 
nearly $28 billion over the next 20 years.
  American businesses, Mr. Speaker, cannot base their planning on a 
year-to-year renewal of this credit anymore than the American family 
should base their financial planning on a year-to-year renewal of the 
home mortgage deduction.
  So now that the tax credit has expired, Congress should extend it. 
What are we waiting for, Mr. Speaker? Let us take action on this and 
expand our economy in a new and better way.

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