Chamber Pushes for R&E Tax Credit Extension

WASHINGTON, D.C. – The United States Chamber of Commerce today urged the U.S. Congress to reauthorize the research and experimentation tax credit and recognize the enormous contributions that technological advancement and innovation make to the U.S. economy.

"Innovations fueled by the R&E credit have led to major advances in science and technology," said Bruce Josten Chamber executive vice president. "The credit is an effective and powerful incentive for U.S. businesses of all sizes to increase research investment and we cannot underestimate its positive effect on the economy and jobs."

Only R&E work performed in the U.S. may qualify for the credit, according to the Chamber. More than 75 percent of credit dollars are earned on wages paid to people directly involved in R&E. These types of investments also lead to increases in productivity, the creation of new products, and helps strengthen our economy and standard of living.

"We need to stay on track and continue to provide this important credit," continued Josten.

"The Chamber urges Congress to pass legislation before the credit expires the end of June."

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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