NAM presses for R&D credit extension
With just a few days remaining before the 109th Congress shuts down for the holidays, NAM president John Engler urged it to extend and strengthen the research and development tax credit.
“In a spirit of bipartisanship, Congress should send President Bush a bill ASAP that will revive the dead credit,” he said
The effort to encourage more private R&D activity in the United States has long-enjoyed strong bipartisan and bicameral support.
“With the 109th Congress about to close up shop, it is imperative that lawmakers end the current tax on innovation that’s been imposed on companies since the R&D credit expired more than 11 months ago,” he said.
Manufacturers serve as the primary source for innovation in the U.S., Engler said. They perform the bulk of private sector R&D, processes that are essential for new products to be developed and productivity to increase.
“The United States’ global leadership in innovation is clearly threatened by fierce competition from the permanent and more generous R&D tax incentives offered by other countries,” Engler continued.
“Many companies have been investing in R&D under the assumption that Congress would make good on its promise to renew this proven tax incentive,” he said.
For more information about the impact of the R&D Credit on manufacturers, visit www.nam.org/R&DManuFacts .
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey