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HP Thanks President Bush for Signing the Enhanced R&D Tax Credit
Statement by Dan Kostenbauder, HP Vice President – Transaction Taxes
For Immediate Release: December 20, 2006
At HP, we spend approximately $3.5 billion on Research and Development (R&D) that helps create wealth, intellectual property and high-paying jobs in the United States. Yet for many years HP has not been able to benefit from the regular R&D tax credit, and has only seen a small benefit from the Alternative Incremental Research Credit.
Today, because of hard work in Congress and leadership by President Bush and his Administration, that is about to change. By signing this important legislation to modernize the R&D tax credit and restore its effectiveness, President Bush has empowered HP and many other American businesses to remain competitive in the global economy. HP is committed to long-term technological innovation, and this tax credit will provide significant incentive for us to make additional R&D investments here in the United States.
The R&D tax credit helps foster innovation and scientific breakthroughs that create American knowledge and American jobs. Many countries now offer generous combinations of robust R&D incentives and low corporate tax rates to attract research dollars and jobs. With this enhanced R&D tax credit becoming law, there is now meaningful and critical incentive to keep this research in the United States.
We also greatly appreciate the work of Congress to pass this important legislation and get it to the President’s desk.
This victory we see today for American competitiveness and jobs is due in large part to the steadfast support of Congressional leaders such as Senators Charles Grassley (R-IA), Max Baucus (D-MT), Orrin Hatch (R-UT) and Trent Lott (R-MS), and Representatives Dave Camp (R-MI), Jim McCrery (R-LA), Nancy Johnson (R-CT) and Ben Cardin (D-MD).
About HP
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Oct. 31, 2006, HP revenue totaled $91.7 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
© 2006 Hewlett-Packard Development Company, L.P.
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