Extend The R&D Tax Credit

Floor Speech

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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