[Congressional Record (Bound Edition), Volume 151 (2005), Part 17]
[Senate]
[Pages 22838-22839]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             R&D TAX CREDIT

  Mr. BURNS. Mr. President, because I support innovation and continued 
economic growth, I am pleased to announce my cosponsorship of S. 627, 
the Investment in America Act of 2005 sponsored by my colleague Senator 
Hatch.
  With a permanent R&D tax credit, companies will no longer have to 
worry about the potential for expiration and may more accurately gauge 
long-term investment for research and development. Certainty to the 
market will help provide much-needed stability and assist U.S. 
companies in overseas competition. This permanent tax credit will allow 
companies the flexibility they want, and gives them the time needed to 
develop new and innovative ideas.
  In global terms, it is extremely important that the United States 
remains a leader in a variety of sectors, from technology to 
manufacturing. Countries such as France, Japan, Australia, Pakistan, 
Spain, India, Indonesia, the Netherlands, Portugal, Singapore, United 
Kingdom, and Canada all have permanent R&D credits. If we want to stay 
competitive, we must put our country on at least equal footing to that 
of our foreign competitors.
  In Montana, over 100 companies engage in research and development and 
stand to benefit from the R&D tax credit. When Steve Lethert, 
controller of Wood's Powr-Grip Company from Laurel, MT, visited my 
office, he expressed that a permanent tax incentive is vital to his 
company's growth. This bill will not only help the United States 
economy at large but will benefit those in the Big Sky State.
  In March 2004 when Senator Hatch proposed to extend the credit for 18 
months during debate of the Jumpstart Our Business Strength, JOBS, Act 
of 2004. I was pleased to support that measure, and hope that the 
Senate will soon provide permanency to such an advantageous tool for 
our businesses.

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