View Header


Office of the Vice President

For Immediate Release January 29, 1998
                      VICE PRESIDENT GORE ANNOUNCES 

                  Creating New Jobs for the 21st Century 
                  by Investing in Research and Technology 

January 29, 1998

In a world where imagination is only one small step ahead of reality, a relentless focus on the future -- and targeted investments in research and development -- are the best ways for America to succeed. The research and development tax cut means more high-wage jobs for the 21st Century.

Today, Vice President Gore announced that the Administration will propose extending the Research and Experimentation tax credit for one year, at a cost of $2.2 billion: The R&E credit is currently scheduled to expire on June 30, 1998; the Administration's proposal would extend it to June 30, 1999.

The R&E credit helps stimulate additional private sector investment in research and development: This incentive provides a 20 percent tax credit based on the increase in a firm's research and development.

The R&E credit encourages technological advancement, leads to higher productivity, and helps generate new American jobs:

Private sector R&D investment also leads to a better quality of life for all Americans: