WASHINGTON, June 30 (UPI) -- The U.S. Chamber of Commerce urged Congress Wednesday to extend tax credit for research which expires at the end of the day.
The business group said that the research and experimentation tax credit has been a boom for technological advancement which has benefited the U.S. economy.
"The R&E credit is a powerful incentive for businesses of all sizes to increase research investment," said Bruce Josten, executive vice president for government affairs of the chamber. "Allowing it to expire will not only substantially increase the cost of doing business for the nearly 16,000 companies that rely on it, but also curtail the benefits that research and development has on our economy," he added.
The Washington-based group argued permanent extension of the credit, rather than temporarily renewing it, would provide businesses with continuity and certainty. It also said that the permanent credit would allow business to make long range planning decisions, which are key
in many fields where it takes years of research before a product can be brought to the market.
