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Obama plans R&D tax credit

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Published: Sept. 5, 2010 at 4:25 PM

WASHINGTON, Sept. 5 (UPI) -- U.S. President Barack Obama plans a $100 billion program to expand and extend tax credits for business research and development, the Los Angeles Times reports.

The report said Obama will announce the program Wednesday in Cleveland, and ask Congress for funding, as part of a larger plan to help the economy.

Obama is expected to call for an increase in one of the credit options available to businesses, an unnamed official told the Times.

The president wants to pay for the plan in part by closing corporate tax loopholes for some energy companies and for multinationals, the newspaper said.

The tax credits plan is part of a larger package that includes increased spending on highways and other infrastructure and extending the middle-class provisions of the Bush administration t ax cuts, now scheduled to expire in four months.

Topics: Barack Obama
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