Dr. Dana Durham, V.P. Technology for Syrgis comments that once again Congress is debating extending the R&D Tax Credit for corporations. Once again? Created in 1981 to boost R&D spending, the Research and Experimentation Credit has always been a temporary measure and has been extended 14 times over its life. President Obama signed the latest extension authorization in December 2010. This extension, too, will expire December 31, 2011. The current debate is centered around doing away with the credit entirely in lieu of a reduced corporate tax rate from 35% to perhaps as low as 25%.
I completed my Ph.D. in chemistry 26 years ago this month and started work at a small chemical firm in Wilmington, Del. At that time, DuPont was proud to be in the business of chemistry — “Better Things for Better Living, Through Chemistry”, though they dropped the “Through Chemistry” just prior to my joining the company.
As many leaders push for a cleaner and greener nation with more secure manufacturing facilities, many times this means shutting down domestic manufacturing. While their intent is right, the end results can be the opposite. Is this the right thing to do, or is it dodging responsibility? These measures may actually cause significantly worse environmental damage by orders of magnitude, increase worldwide security risks, amplify the risk of serious product quality issues, and cost our nation jobs and tax revenues.
