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Jobs and Growth Tax Relief Reconciliation Act of 2003

Date: May 15, 2003
Location: Washington, DC
Issues: Science

May 15, 2003

JOBS AND GROWTH TAX RELIEF RECONCILIATION ACT OF 2003

Ms. CANTWELL. Mr. President, this amendment is offered by myself, the Senator from Florida, Senator Nelson, and Senator Baucus, to extend the research and development tax credit. What we are saying here today is we will implement a philosophy that has been a proven success in generating jobs in our economy, giving business the ability to deduct research and development costs in an information age when we know there are so many products and services yet to be created.

Since its enactment in 1981, the research tax credit has demonstrated it is a very powerful and effective tool for creating jobs. It should be no surprise to my colleagues that research estimates indicate that agreeing to this amendment could, in the next 5 years, increase our gross domestic product by over $10 billion. There is no better stimulus.

We should make this investment. It is a bipartisan-supported effort, research and development tax credits. Compared to the other stimulus in this bill, this is the tried and true way for the American public. We know there is research and
development in biotechnology, in computer sciences, medical research, and this will help us create jobs. I ask my colleagues for their support.

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