Obama Introduces New Plan To Give Research And Development Tax Credit
Written by Ken Gaebler
Bill would give small businesses $100 billion in tax exemptions
President Barack Obama has a new plan to help with research and development over the next 10 years - a tax credit.
The plan, which will be outlined in a speech on September 8 in Cleveland, Ohio, will cost nearly $100 billion and aims to help create new jobs as the president tries to figure out ways to get the country out of its worst economic crisis since the Great Depression. Many small businesses could benefit, and an industry analyst said that it would be welcome news.
"The business community is on board for the R-and-D tax credit," said Mark Zandi, chief economist at Moody's Analytics, on CBS' Face the Nation. He added that the president would "have to take some of the corporate tax benefits away to pay for it."
The news for small business was welcome after it was reported that the unemployment rate in the United State rose from 9.5 to 9.6 percent in July, according to the U.S. Department of Labor.
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