HP Welcomes Bipartisan R&D Tax Credit Legislation Introduced by
Statement by Dan Kostenbauder, HP Vice President, Transaction Taxes
For Immediate Release: October 26, 2007
WASHINGTON, D.C., October 26, 2007 – “HP commends Senate Finance
Committee Chairman Max Baucus (D-MT) and Senator Orrin Hatch (R-UT) for their
continued leadership to create strong incentives for companies to conduct
research and development (R&D) in the United States.
“The Research Credit Improvement Act of 2007 (S. 2209) demonstrates
a bipartisan consensus on the Senate Finance Committee that the R&D tax
credit needs to be strengthened to ensure that America’s high-tech
companies can continue to remain competitive in today’s global marketplace.
Increasing the rate of the Alternative Simplified Credit (ASC) would provide
a meaningful incentive to companies like HP that are committed to long-term,
U.S.-based technology innovation . As competing nations continue to
intensify their efforts to attract R&D investment away from the
U.S., there is a strong need for legislation such as this.
“HP would also like to thank the original co-sponsors of the bill,
including Senators Maria Cantwell (D-WA), Mike Crapo (R-ID), John Kerry (D-MA),
Blanche Lincoln (D-AR), Gordon Smith (R-OR), and Olympia Snowe (R-ME).
“HP strongly urges the U.S. Senate to support the meaningful reforms
in this legislation, and looks forward to working with the Congress on this
and other measures that will further drive American innovation and competitiveness.”
HP focuses on simplifying technology experiences for all of its customers – from
individual consumers to the largest businesses. With a portfolio that spans
printing, personal computing, software, services and IT infrastructure, HP
is among the world’s largest IT companies, with revenue totaling $100.5
billion for the four fiscal quarters ended July 31, 2007 . More information
about HP (NYSE: HPQ) is available at http://www.hp.com.
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