How to Get the R&D Tax Credit Extended: Wait for Financial Armagedeon

The Mercury News writes:

With suspense building toward a dramatic vote expected Friday, Silicon Valley tech companies, business groups and non-profits joined a broad coalition to ratchet up pressure on a recalcitrant House of Representatives to reverse course on an emergency $700 billion bill to rescue a financial system said to be in danger of catastrophic failure.

The revised bailout legislation, passed by the Senate on Wednesday, contains sweeteners of keen interest to Silicon Valley: tax credits for renewable energy and for corporate research and development, as well as relief from the alternative minimum tax.

And, all sorts of tech groups are pushing to get this over the goal line...

TechNet, the tech lobbying group based in Palo Alto, is working "fast and furious'' for passage of the bill, spokesman (and 463er) Jim Hock said.

Here's why the tax credit matters (from eWeek):

In the nine months since the R&D tax credit expired, U.S. businesses have been unable to assume the credit in their 2008 financial reporting results or in forecasting project costs. ITAA has estimated that the lapse of the R&D credit has placed at risk more than $13 billion and over 10,000 jobs.

And, Andrew Noyes notes that energy incentives are also in the mix:

The Senate-passed package also includes $17 billion in energy incentives, which are seen as vital to alternative energy developers. American Wind Energy Association lobbyist Gregory Wetston warned that failure to pass the legislation would jeopardize billions of dollars in clean energy investment. The Solar Energy Industries Association sent out an alert urging House passage of the package, which has language that would provide eight year extensions of commercial and residential solar energy tax credits.

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