ITAA Calls for House Passage of Financial Relief and Tax Package

ITAA called upon the House to pass an emergency economic package aimed at stabilizing the financial markets and renewing key tax measures such as the Research and Development Tax Credit.

“America’s most innovative employers are now looking to the country’s leaders for answers,” said ITAA President and CEO Phil Bond. “Will there be sufficient credit to finance growth, payroll and market demand? Will Congress continue to welcome innovation by extending the R&D credit or choose to drive good jobs away? We call upon House members to pass this package so the economy can begin to heal.”

ITAA has estimated that the ten-month lapse of the R&D credit has placed at risk more than $14 billion and over 10,000 jobs. Research and development benefits the economy via enhanced spending by companies when the tax credit is in place and from the new products that result. These generate new investments in capital equipment, additional jobs and growth in business and consumer spending.

Companies and their R&D employees were left in a lurch last December when Congress allowed the credit to lapse. For ten months, technology firms and other U.S. businesses have been unable to assume the credit in forecasting project costs or reporting financial results.

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