TIA gives nod to Bush administration for signing tax relief act
Oct. 8, 2004 - New law extends research and development tax credit.
The Telecommunications Industry Association has expressed its appreciation to the Bush administration for signing the Working Families Tax Relief Act of 2004 into law.
The new law extends by 18 months an important research and development tax credit, for which TIA lobbied as part of the R&D Credit Coalition. The coalition is made up of more than 85 trade and professional associations and more than 1,000 small, medium and large companies that engage in U.S.-based research in a variety of industries.
The R&D credit benefits U.S. telecommunications equipment manufacturers and supports the enormous contributions that technological advancement and innovation make to the U.S. economy. Technological innovations accounted for more than one-third of the nation's economic growth during the last decade and are critical to sustained growth in the future.
"Today is an important day for our industry," says TIA President Matthew Flanigan. "The 18-month extension of the R&D credit will provide continuity and a sense of assurance that research is important to the future of our country.
"In the long run, however, we want to see this credit made permanent," Flanigan continues. "Permanency will provide an important stimulus for companies to invest and conduct research and development in the United States. This will lead to technological innovations that create jobs at many skill levels, as well as increases in productivity, new products, economic growth and living standards for millions of Americans."
The TIA is based in Arlington, VA. For more information visit www.tiaonline.org.