INDEPENDENCE, OH-The Precision Metalforming Association (PMA) and the National Tooling and Machining Association (NTMA) are urging Congress to act quickly in passing a multi-year extension of a strengthened R&D tax credit.

The credit is set to expire at year-end. One Voice, the combined lobbying effort of the two organizations, is working closely with the R&D Credit Coalition in urging all members of the House and Senate to approve legislation to strengthen and extend the R&D tax credit.

As proposed by H.R. 422, introduced by Representatives Kendrick Meek (D-FL-17) and Kevin Brady (R-TX-8), and S. 1203, introduced by Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the R&D tax credit encourages U.S. businesses of all sizes to undertake cutting-edge research projects.

At a time when the American economy is weak, research and development across industry sectors makes it possible to create and maintain good, high-paying jobs at home and sharpens the ability of companies to compete in the global marketplace.

Failure to extend and strengthen the credit would have significant negative consequences for the U.S. economy and threatens investments needed in important areas of the economy such as renewable energy and energy-efficiency technologies, manufacturing processes, health care, biotechnology, and information and communications technologies.

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