By:
The Next Silicon Valley
Posted on:
September 5, 2010 3:25pm
U.S. to extend R&D tax credit
In a potential boost to U.S. technology competitiveness, President Barack Obama will ask the U.S. Congress this week to increase and permanently extend a tax credit for business research and development. the move is seen as a way of boosting job growth, an administration officials said on Sunday.
The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks according to published reports.
Obama will reportedly lay out the plan and other initiatives in a speech in Cleveland, Ohio on Wednesday.
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