(Washington, D.C.) – In a boon for Washington’s workers and economy, the United States Senate today unanimously passed Senator Patty Murray’s amendment to extend the Research and Development tax credit by 18 months.
On a 93-0 vote this afternoon, the Senate endorsed the Murray-Hatch Amendment, which Murray offered with Senator Orin Hatch (R-Utah) because the tax credit is set to expire in four months. Murray’s amendment extends the R&D tax credit until December 2005 and broadens the credit to make more employers eligible.
“We can put people back to work, and my tax credit is a great start,” Murray said after the vote. “It’s going to help our technology sector, our manufacturing sector, and our workers. Recently we’ve seen American jobs being shipped overseas. The Research and Development tax credit will help keep those jobs here at home. It gives companies a real incentive to invest in here in the U.S.”
Before the vote, Murray
spoke on the Senate floor about how the tax credit will encourage companies to invest in Washington state
Business and technology leaders applauded the vote and its impact on Washington state.
TECHNET
“The amendment passed by the Senate today will have benefits all across the country but nowhere more than Washington state. Senator Murray deserves credit for her leadership in making sure that U.S. companies and Washington companies in particular can continue the research that creates jobs and innovative products for our economy,” said Rick White, CEO of TechNet, a group of more than 150 chief executive officers and senior partners of companies in the fields of information technology, biotechnology, venture capital, investment banking and law.
BOEING
“Boeing appreciates the work and support of Senator Patty Murray in extending the R&D tax credit. For Washington state companies, it equals continued investment in the future, leading to economic growth. For Boeing and its employees, the extension comes at an important time when we’re designing and developing our new 7E7 airplane,” said Bob Watt, Boeing Commercial Airplanes vice president of Government and Community Relations.
MICROSOFT
“We commend the Senate for voting in favor of an amendment to the JOBs Act that will extend R&D tax credit for eighteen months. This amendment, if enacted by Congress, will provide a critical, effective and proven incentive for companies to increase their investment in U.S.-based research and development which is critically important to the Washington State economy. We appreciate Senator Murray’s leadership on the issue and are hopeful that Congress will timely pass the JOBs Act,” said Jack Krumholtz, Microsoft’s Managing Director, Federal Government Affairs.
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