WASHINGTON -- Reports of an effort to revive an on-again, off-again tax credit for research and development, and possibly to make it permanent, were met with a mix of hope and skepticism among advocates for Silicon Valley tech firms, who see it as a vital driver of innovation.
Economists, business leaders and politicians have long warned that the U.S. is at risk of losing its status at the world's leading innovation hub -- and that the country needs to act swiftly lest it lose out to global competitors like China and India.
Despite those fears, Congress allowed the R&D tax credit -- one of the most basic ways the government can encourage the creation of new technologies -- to expire at the end of 2009. It was the 13th time since the credit was established in 1981 that lawmakers and the president allowed it to lapse.
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