Political Quotes

“Many U.S. companies are making plans of where they will spend their research and development budgets for the next 3 to 5 years. Unfortunately, this Congress has made it increasingly difficult for these companies to invest those R&D dollars with the kind of careful planning their needs demand. High-tech companies are sending their R&D jobs abroad to countries that recognize that permanent R&D tax incentives induce businesses to locate research activities there. Canada provides a 20 percent flat credit for R&D. Ireland offers a 20 percent credit, as well as a full deduction, a low corporate tax rate, advanced infrastructure and a skilled, English-speaking workforce, all factors that appeal to many multi-national companies. Madam Speaker, these jobs sent overseas are permanently lost when a company starts a new R&D project. We must keep these jobs here. The R&D credit has already lapsed. The clock is ticking. Congress must extend the R&D tax credit today, and we must also foster R&D at home by making this important tax credit permanent.”