| Arizona Technology Council Celebrates Passage of a State Research and Development Income Tax Credit |
06/27/2008
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The Arizona Technology Council celebrates passage of a state Research & Development (R&D) Tax Credit designed to stimulate innovation and foster global competitiveness in Arizona based firms.
Article:
The Arizona Technology Council celebrates passage of a state Research & Development (R&D) Tax Credit designed to stimulate innovation and foster global competitiveness in Arizona based firms.
“R&D is the key to future high-tech competitiveness,” said Steven Zylstra, president and CEO of the Arizona Technology Council. “By focusing renewed attention and resources on research, this bill will ensure that Arizona remains a leader in cutting-edge technology.”
The critical legislation encourages business growth at every level—small companies just getting started to multi-national corporations already investing hundreds of millions of R&D dollars in Arizona.
“Innovation doesn’t just happen—it requires leadership and an environment that fosters creativity,” said Jason Bagley, Government Affairs manager, Intel Corporation. “Arizona’s policy leaders are demonstrating their commitment to investing in innovation by supporting the enhanced Research and Development Tax Credit. Choosing to compete encourages growth of high-wage, knowledge-economy jobs and leads to greater prosperity for Arizona’s future.”
“With rising fuel prices and a tightening economy, there is no better time to have R&D tax credits available,” added Steve Turcotte, president, Advanced Ceramics Manufacturing headquartered in Tucson, Arizona. “Innovation leads to both job creation and long-term revenue growth for both small and large companies. If we stop innovating, we’ll lose our competitive edge.”
In addition to increasing the R&D tax credit, the Arizona Technology Council praised lawmakers for their decision to preserve funding for the current Arizona Job Training Fund, the Greater e-learning Association (GAZel) and Science Foundation Arizona (SFAz). These programs and organizations are designed to assist in the creation and retention of higher paying jobs that support emerging and base industries in every region of the state.