Tags: US | Obama | Tax | Credits

Official: Obama Backing Research Tax Credits

Sunday, 05 Sep 2010 10:13 AM

A White House official says President Barack Obama will ask Congress to permanently extend research and development tax credits for businesses as a way to spur economic growth.

Obama will outline the proposal Wednesday during a speech on the economy in Cleveland. The official says the $100 billion proposal will be paid for by closing other corporate tax breaks.

The official spoke on the condition of anonymity because the proposal has not been formally announced.

The proposal was first reported by The New York Times.

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