[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[House]
[Page 7119]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       EXTEND THE R&D TAX CREDIT

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, Congress should be 
considering job creation policies to get America's economy rolling once 
again. A proven method has been the research and development tax credit 
to stay competitive in the global marketplace and to keep high value 
research and development jobs.
  This tax credit is only available for certain qualified research 
performed in the United States, and 70 percent or more of the benefits 
will go straight to the salaries of workers performing U.S.-based 
research. In South Carolina alone, more than 600 firms participate in 
research and development activity, spending more than $1.3 billion a 
year.
  If Congress will increase the rate from 14 percent to 20 percent, we 
can promote more R&D jobs in the United States and ensure that South 
Carolina and America remain competitive for research-intensive 
companies. The United States now ranks 17th in the world when compared 
to incentives for private sector research, and I urge Congress to offer 
more support.
  In conclusion, God bless our troops, and we will never forget 
September 11th in the Global War on Terrorism.

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