The tech and telecom industries praised the tax cut extension...
The tech and telecom industries praised the tax cut extension package that President Barack Obama signed into law Friday. Telecom is particularly pleased that the legislation maintains low tax rates on dividends, which will help attract the investment needed to…
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sustain continued deployment of broadband infrastructure throughout the nation, said USTelecom President Walter McCormick. The tax package will also “encourage broadband investment and preserve jobs through its provisions for capital expensing and extension of the R&D tax credit, and its protection of small, family-owned businesses from unreasonable estate taxes,” he said. The R&D tax credit extension is long-awaited relief that will allow technology companies to commit to new and expanded innovation programs and will create and sustain jobs, TechAmerica President Phil Bond said. Business write-offs for investments in 2011 and the green energy tax credit are strong short-term incentives that will promote recovery and help innovation, he said. But “we still have not achieved the stronger, permanent R&D tax credit badly needed for the United States to compete with R&D incentives overseas,” Bond said. TechAmerica will continue to work with both parties in Congress for a long-term measure, he said. The provisions for U.S. manufacturers and businesses, including 100 percent expensing of 2011 capital investments, revival of the expired R&D credit, tax relief for small businesses and a number of other business extensions are critical to competitiveness, TIA President Grant Seiffert said.