Congress Passes R&D Tax Credit Extension; Industry Sought Action To Aid Investment

Congress enacted a research and development tax credit extension that the aerospace industry had sought, a measure that was included in a larger bill to bail out portions of the financial sector.

The Aerospace Industries Association (AIA) urged lawmakers to pass the measure, saying the tax credit is needed by aerospace firms and others as a stimulus to an increasingly troubled economy.

"The tax credit is important to our nation’s economy, especially in today’s troubling times," AIA President and CEO Marion Blakey said.

She asserted that "the tax credit creates high-paying jobs and is an important tool to stimulate our economy. A proven incentive for thousands of small businesses, it helps U.S. companies compete in the global economy by encouraging investment in high technology."

AIA also supported the broader financial rescue bill.