HP Praises Congress for Passing the Enhanced R&D Tax Credit
Statement by Dan Kostenbauder, HP Vice President – Transaction Taxes
For Immediate Release: December 8, 2006
Today, the Senate took an important step to ensure that American businesses remain competitive in the global economy. Enactment of the enhanced R&D tax credit will provide a strong incentive for companies like HP that are committed to long-term, U.S.-based technological innovation to continue making R&D investments in the United States. This important piece of legislation will modernize the R&D tax credit and restore its effectiveness.
HP is especially grateful for the outstanding leadership of Senators Charles Grassley (R-IA), Max Baucus (D-MT), Orrin Hatch (R-UT) and Trent Lott (R-MS). Because of their steadfast leadership, Congress took action to make sure the United States does not fall behind our global competitors.
The R&D tax credit helps foster innovation and scientific breakthroughs that create wealth, intellectual property and high paying jobs in the United States. Many countries now offer generous combinations of robust R&D incentives and low corporate tax rates to attract research dollars and jobs. Passage of the enhanced R&D tax credit provides a meaningful and critical incentive to keep this research in the United States.
We greatly appreciate that Congress took action to strengthen the R&D tax credit and ensure there was no gap in the credit. HP thanks Congress for its hard work during the lame duck session to pass this important legislation that will boost American competitiveness.
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 April 30, 2006, HP revenue totaled $88.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
© 2006 Hewlett-Packard Development Company, L.P.