SEMI and R&D Credit Coalition Say American Competitiveness at Stake
WASHINGTON, Nov. 14 /PRNewswire/ -- SEMI urged Congress to address a
piece of critical and unfinished business vital to American competitiveness
by extending a seamless R&D tax credit, at a press conference on Capitol
Hill today. SEMI was joined by several other companies and associations in
the R&D Credit Coalition pressing Congress to make this a priority before
the end of the year.
During the State of the Union on January 31, 2006, the President
introduced the American Competitiveness Initiative, which identified R&D
tax credit permanency as a priority. This announcement came one month after
the credit expired on December 31, 2005. Despite the fact that both parties
have embraced the R&D tax credit as a key component of innovation and
American competitiveness, Congress has not acted on this issue.
"The R&D tax credit renewal has been set aside at the last minute while
it was on track for enactment twice this year," stated SEMI North America
President, Victoria Hadfield. "We are at the end of the year and the
semiconductor equipment and materials industry is concerned that Congress
is not committed to getting this done before the conclusion of the 109th
Congress."
"With such a broad range of support from Republicans and Democrats this
should be addressed immediately to avoid a tax on innovation," Hadfield
continued. "It's time for Congress to reaffirm its support of American
competitiveness and innovation by enacting a seamless extension."
SEMI represents over 700 U.S. companies in the $65 billion worldwide
semiconductor equipment and materials industries. These industries supply
the enabling technologies, including raw materials and advanced tools, to
produce every semiconductor-based product. SEMI members spend between 15-20
percent of revenues on R&D. The credit helps to make this investment
possible and encourages long term R&D support and promotes high-wage job
growth. The current proposal of the R&D tax credit would extend it through
2007, apply it retroactively, and make improvements.
SEMI is a global industry association serving companies that provide
equipment, materials and services used to manufacture semiconductors,
displays, nano-scaled structures, micro-electromechanical systems (MEMS)
and related technologies. SEMI maintains offices in Austin, Beijing,
Brussels, Hsinchu, Moscow, San Jose (Calif.), Seoul, Shanghai, Singapore,
Tokyo and Washington, D.C. For more information, visit http://www.semi.org.
SOURCE SEMI
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Related links:
http://www.semi.org
CONTACT:
Ken Schramko, +1-202-289-0440, or
kschramko@semi.org, or Scott Smith, +1-408-943-7957, or
ssmith@semi.org, both of SEMI
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