For Immediate Release: June 16, 2006
Contact:Matt Braud (202) 482-3809
U.S. COMMERCE DEPUTY SECRETARY ADDRESSES
Council Recommends Research and Development Tax Credit
Gaithersburg, Md. – Commerce Deputy Secretary David Sampson today hosted the sixth meeting of the Manufacturing Council at the National Institute of Standards and Technology. The council discussed U.S. manufacturing competitiveness. Two recommendations made by the Subcommittees on U.S. Competitiveness and the Subcommittee on Advocacy and International Trade were also discussed.
“Encouraging innovation is one of the greatest economic issues of our time,” said Sampson. “If properly nurtured, research and technology will respond to the biomedical, energy and environmental imperatives that we face in the 21st century. Not only will this solve problems and improve quality of life, but it will also bring about economic opportunities that we can barely imagine today.”
The recommendation from the Subcommittee on U.S. Competitiveness supported the Research and Development tax credit. In a letter from the Manufacturing Council to Secretary Gutierrez, council members stated, “Government support of R&D is vital to sustain and encourage manufacturing in the U.S. Fostering innovation not only enables U.S. manufacturers to remain competitive, but also is a key to improving productivity and enabling start-up companies.”
- The Manufacturing Council also emphasized the importance of making the R&D tax credit pe rmanent: “R&D projects typically have lengthy completion times and require hiring and extensive training of qualified employees. Permanent extension of the R&D credit will add certainty to planning future projects and incentivize R&D spending.”
The Manufacturing Council is comprised of manufacturing executives from throughout the United States. These industry leaders work with the U.S. Commerce Department to advocate, coordinate and implement policies that will enrich U.S. manufacturing competitiveness.
The Manufacturing Council recommendations can be viewed at http://www.manufacturing.gov/council/061606_agenda.asp . The council was created as a result of recommendations in the Manufacturing In America report. Visit www.manufacturing.gov to view the complete manufacturing report and the four-page summary.
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