Employees' Letter on R&D Tax Credit
Floor Speech
EMPLOYEES' LETTER ON R&D TAX CREDIT -- (Extensions of Remarks - September 10, 2008)
SPEECH OF
HON. RICHARD E. NEAL
OF MASSACHUSETTS
IN THE HOUSE OF REPRESENTATIVES
WEDNESDAY, SEPTEMBER 10, 2008
* Mr. NEAL of Massachusetts. Madam Speaker, I rise today in support of the Research and Development tax credit, a credit which has been championed here in the House by my friend and colleague, Representative Sander Levin. He has authored legislation to extend this important credit and I have joined him in this effort.
* Today, I want to highlight a letter sent to all Members of Congress signed by 3,400 American workers, representing 43 States and well over 100 U.S. companies, ranging from small to large. In this letter, these workers in the research industry urge us to extend and strengthen the R&D tax credit, which expired on December 31, 2007.
* Already, the House has passed legislation to extend the R&D tax credit. But our Senate colleagues have been unable to do the same. As many of my colleagues already realize, this tax credit is like no other. Without this credit, much of this innovative research would likely migrate to other countries, many which offer their own incentives.
* Congress needs to enact a seamless and retroactive extension of this credit to ensure that these highpaying technology jobs stay in America.
* As the 3,400 workers in the R&D industry aptly stated in their letter to Congress:
We write to you--from companies across the country both large and small--to address an issue that we believe will affect the likelihood that high-skilled jobs such as ours are located in our communities and in our country.
Simply put, we are dismayed that Congress has allowed the R&D tax credit to expire. We know that most of you have lauded the benefits of the credit, and we appreciate this support. We urge you to act now to enact into law an extension of a strengthened credit because research-dependent jobs are at stake.
September 10, 2008.
Hon. Harry Reid,
Majority Leader, U.S. Senate,
The Capitol, Washington, DC.
DEAR MAJORITY LEADER REID: Our country has always been a hospitable place for invention. It is a reflection of our values and ingenuity. Government policies such as the R&D tax credit are expressions of our desire to innovate and create.
We write to you--from companies across the country both large and small--to address an issue that we believe will affect the likelihood that high-skilled jobs such as ours are located in our communities and in our country.
Simply put, we are dismayed that Congress has allowed the R&D tax credit to expire. We know that most of you have lauded the benefits of the credit, and we appreciate this support. We urge you to act now to enact into law an extension of a strengthened credit because research-dependent jobs are at stake.
The signatures you see on this letter represent just some of the tens of thousands of real people who have benefited positively from the effects of the credit over the past 26 years. You can read studies and surveys, but we are living proof that the vast majority of R&D credit dollars go directly to pay the wages of highly skilled American workers.
Between high gas prices and falling home values, it is a difficult time for all Americans. As you work to boost U.S. economic activity, please act quickly to reinstate and strengthen a program with a track record of more than two decades of success. We thank you for your commitment to our country and to U.S. workers.
Sincerely,
Signed by 3,400 workers in the R&D industry.
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