(Washington, D.C.) –   The Republican Main Street Partnership urges support for The Investment in America Act of 2007 co-sponsored by Main Street member Representative Dave Camp (R-MI).  “Now is the time to strengthen and extend the Research and Development (R&D) Tax Credit.  In an increasingly global economy, our nation’s economic success will continue to depend heavily on its capacity for innovation,” said current President and CEO of the Partnership and former U.S. Representative Charles F. Bass (R-NH).  “Main Street urges support for The Investment in America Act of 2007 and thanks Congressman Camp for his commitment to this critical issue.” 

 The Camp legislation, co-sponsored by Rep. Sander Levin (D-MI), will provide all of the more than 10,000 companies who use the R&D Credit with the same strong incentive for investment by increasing the rate of the Alternative Simplified Credit to the same 20 percent rate that is currently available under the traditional credit.  Just as importantly, the legislation will make the credit permanent. Just last year the credit was allowed to expire for nearly 12 months before being retroactively extended.  Other nations, meanwhile, offer strong and permanent research tax incentives that provide a more attractive and stable place to conduct research.   

“It is critical that we encourage the type of cutting-edge innovation that will keep American businesses competitive,” continued Bass.  “These advancements do not happen overnight – they involve years of expensive, labor-intensive research.  A strengthened and permanent R&D tax credit will provide a direct incentive for American companies to continue to make this investment in our economy’s future.” 

The R&D credit is scheduled to expire again at the end of this year.  “Now is the time for the Congress to act to strengthen and extend this important provision,” concluded Bass. 

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The Republican Main Street Partnership (RMSP) is dedicated to promoting and building a pragmatic, thoughtful, fiscally conservative, and inclusive “Governing Majority,” where political debate is encouraged to promote solutions to improve the lives of all Americans. Embracing the full spectrum of center-right ideologies and values in order to build coalitions, RMSP is the largest organization of elected leaders who are in the mold of Abraham Lincoln, Teddy Roosevelt, and Ronald Reagan. For more information on RMSP, visit our website at www.republicanmainstreet.org.