If you’re looking for another reason to pay attention to whether the $700 billion bailout bill gets passed by the House today, you might want to look at this call for action from the Information Technology Association of America (ITAA).
The bailout bill aimed at steadying the financial markets would also reinstate the Research and Development Tax Credit, which was allowed to lapse last December. According to the ITAA, the lapsed credit has already cost more than $14 billion in lost revenue and 10,000 jobs.
The ITAA has estimated R&D credit would have created and sustained a total of 141,753 jobs in 2008, not far from the number of jobs cut last month, according to the federal jobs report out today. The majority of the new R&D jobs projected for 2008 would have been required by law to be based in the United States.
Here’s ITAA’s president and CEO Phil Bond making the case:
“Congress’ inaction has left our most innovative companies in limbo, is undermining tens of thousands of R&D-related jobs, and placing billions of dollars at risk. How many more jobs must be threatened before Washington will act?” Bond said.