Businesses: Extend federal R&D credit

(Oct. 16, 2007) CBIA is part of a national business coalition urging congressional leaders to immediately pass legislation to strengthen and extend the federal research and development tax credit.

Extension of the credit, which is scheduled to expire Dec. 31, 2007, is essential to U.S. competitiveness and the strength of the economy.

Connecticut is home to many manufacturers – including those in the biopharmaceutical industry — that rely on research to develop new products. A key component to their ability to maintain and expand that research is the federal R&D tax credit.

Without the extension, it will be very difficult for companies to commit to future high-risk, high-dollar R&D investments that fund good-paying jobs in Connecticut. Strengthening and extending the R&D credit now will help lower the cost of investments that will foster growth in the overall economy. 

For more information, contact CBIA’s Bonnie Stewart at 860-244-1925 or stewartb@cbia.com.