Bill Sali: “at the end of this month, a vitally important research and development tax credit is due to expire again. Since 1981…”

“at the end of this month, a vitally important research and development tax credit is due to expire again. Since 1981, Congress has erratically extended this tax credit, and extensions have ranged from 6 years to 5 months. Sometimes extensions have applied retroactively. The tax credit even lapsed for a year. A permanent R&D tax credit is long overdue, and Congress should act now to make a permanent R&D tax credit a reality. Congress was right to offer an R&D tax credit. Doing so boosted America's competitive edge in an increasingly cut-throat global marketplace of ideas, products, and services. Yet we ignore, to our economic peril, the fact that other countries, including Australia, Canada, China, France and India, also offer tremendous R&D incentives to their industries. Now is the time to make R&D tax credits permanent. Doing so would remove an unnecessary burden on our industries, including roughly 35,000 Idahoans employed in high-tech jobs. Madam Speaker, there is no reason for keeping this kind of tax credit temporary. Let us unleash the power of American ingenuity and make the R&D tax credit permanent.”