30 Sep Technology group blasts Congressional inaction on renewal of R&D tax credit
Washington, D.C. – While Congressional attention is focused on a controversial financial rescue, the AeA is blasting Congress for its failure to act on tax issues impacting American jobs.
Christopher W. Hansen, president and CEO of AeA, took aim at Congress for failing to act on renewing the research and development tax credit that AeA considers vital to corporations doing leading-edge R&D in the United States.
“This is inexcusable,” Hansen said. “Finger pointing does not get the job done. The credit expired last year, and Congress has had enough time to compromise and work out the details.”
Hansen was quick to note the R&D tax credit’s tenuous status is not one party’s fault or the fault of the House or Senate. He called the failure to renew the credit an indictment of the entire Congress.
AeA, formerly the American Electronics Association, is one of the nation’s largest technology trade associations.
Hansen said it’s ironic that members of Congress say that they support extension of the credit, but they’re unable to extend it.
“We are living in a time of financial crisis and are on the verge of a worsening financial downturn that threatens the vitality of this country,” Hansen said. “This crisis will only be exacerbated if Congress fails to extend the credit and add to the burden of the American economy.”