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120,000 Jobs, $16 Billion at Risk with Expiration of R&D Tax Credit
Contact:
Anne Caliguiri at 703.284.5305 or anne.caliguiri@techamerica.org
Charlie Greenwald at 202.682.4443 or charlie.greenwald@techamerica.org
Washington, DC – More than 100,000 good paying jobs and billions of dollars in economic activity and treasury revenue projected for 2010 would be placed at risk if the R&D Tax Credit is left to expire as scheduled at the end of this year, according to TechAmerica estimates.
The association said it expects the current credit – if renewed – would generate and/or sustain approximately 120,000 jobs, $16 billion in additional R&D and other economic activity, and $13 billion in federal tax revenue over the course of 2010. Each day the credit is left expired, those benefits could be lost at an average pace of 331 jobs, $45 million in economic activity and $37 million in tax revenue.
“The realities of a global market and America’s dulling competitive edge should dictate a stronger, permanent incentive for research and development,” said TechAmerica President Phil Bond. “The President and many important members of Congress support a permanent credit, but that support just has not translated into action. Meanwhile, companies planning for next year are left to wonder if even this, relatively modest, incentive will be there. We call upon the Congress: Do not turn your back on American innovation – and the American economy – by leaving this priority unaddressed.”
TechAmerica based its research on research and information from the congressional Joint Committee on Taxation, Small Business Administration, Coopers and Lybrand, the Progressive Policy Institue, Ernst & Young, and PayScale.com.
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About TechAmerica
TechAmerica is the leading voice for the U.S. technology industry, which is the driving force behind productivity growth and jobs creation in the United States and the foundation of the global innovation economy. Representing approximately 1,500 member companies of all sizes from the public and commercial sectors of the economy, it is the industry’s largest advocacy organization and is dedicated to helping members’ top and bottom lines. It is also the technology industry’s only grassroots-to-global advocacy network, with offices in state capitals around the United States, Washington, D.C., Europe (Brussels) and Asia (Beijing). TechAmerica was formed by the merger of AeA (formerly the American Electronics Association), the Cyber Security Industry Alliance (CSIA), the Information Technology Association of America (ITAA) and the Government Electronics & Information Technology Association (GEIA). Learn more at www.techamerica.org.
Posted by: Anne Caliguiri on November 10th, 2009.
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