AeA, a technology group whose members include Google, Microsoft, Yahoo and Apple, is praising the House of Representatives' support of the Emergency Economic Stability Act. The House voted in favor of the bill today, after last week's failed attempt to pass the bailout bill.
An AeA press release said that the bill would restore confidence in the economy, and urged President Bush to sign it into law as soon as possible. The press release also pointed to the "crucial" extension of the R&D tax credit.
The R&D credit was not part of the original version of the bailout bill. The credit had expired last December and was supposed to be reinstated, but the House and Senate differed on how the credit would work. It was revived after a large group of House democrats and republicans voted against the first version of the bailout bill last Friday, and supporters scrambled to find provisions -- including the R&D credit -- to sweeten the bill when it returned to the House this week.
The credit covers up to 20 percent of qualified R&D spending. The extension, if signed into law by President Bush, will last two years.
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