Senate Passes Murray Research and Development Tax Credit Extension

Senate Passes Murray Research and Development Tax Credit Extension

Provision Means Jobs for Washington Workers; Business Leaders Applaud Important Tax Extension

(Washington, D.C.) - In a boon for Washington's workers and economy, the United States Senate today passed tax legislation that includes Senator Patty Murray's provision extending the Research and Development tax credit through the end of 2005. Originally included earlier this year in the Senate's FSC-ETI bill, the Murray-Hatch Amendment extends the R&D tax credit until December 2005 and broadens the credit to make more employers eligible. With the FSC-ETI bill currently stalled, Senator Murray worked to include her R&D credit in the final version of a families and children tax package that passed the Senate by a vote of 92-3 this evening.

"Providing targeted tax relief cannot wait. That's why I will continue to push for sound and fair tax policy that benefits those who need it most in this delicate economic climate. We can put people back to work, and my tax credit is a great start," Murray said. "This measure gives both small and large companies a real incentive to invest in jobs and workers here in the U.S. It's going to help our technology sector, our manufacturing sector, and our workers. Recently we've seen American jobs being shipped overseas - the Research and Development tax credit will help keep those jobs here at home."