Tech industry hoping for possible R&D tax credit

"The expiration of the research-and-development tax credit is costing the American economy more than $45 million and 332 jobs a day," TechAmerica says.

The Information Technology Industry Council has also advocated for the credit. Dean Garfield, president of the association, wrote in an editorial this year that the credit should be considered because it has helped strengthen the economy in the past.

"Congress needs to act on the proposal. The R&D tax credit deserves consideration simply because it worked so well. Quite simply, the result could be another sustained period of much-needed economic growth," he wrote.