Arizona Technology Council Celebrates Passage of Research and Development Income Tax Credit

R&D Tax Credit Combined with Preservation of Job Training Fund Encourages Broader Expansion of Arizona Economy During Challenging Economic Climate

PHOENIX – The Arizona Technology Council today celebrated the passage of the Research & Development (R&D) Tax Credit designed to stimulate innovation and foster global competitiveness in Arizona-based firms.

As a long-time champion of the legislation, the Arizona Technology Council applauds Senate President Timothy Bee (R, District 30), Representative Michele Reagan (R, District and Governor Janet Napolitano for their leadership, support and persistence in advancing the measure and moving Arizona toward becoming a top-tier technology state.

“R&D is the key to future high-tech competitiveness,” said Steven Zylstra, president and CEO of the Arizona Technology Council. “By focusing renewed attention and resources on research, this bill will ensure that Arizona remains a leader in cutting-edge technology.”

The critical legislation encourages business growth at every level-small companies just getting started to multi-national corporations already investing hundreds of millions of R&D dollars in Arizona.

“Innovation doesn’t just happen-it requires leadership and an environment that fosters creativity,” said Jason Bagley, Government Affairs manager, Intel Corporation. “Arizona’s policy leaders are demonstrating their commitment to investing in innovation by supporting the enhanced Research and Development Tax Credit. Choosing to compete encourages growth of high-wage, knowledge-economy jobs and leads to greater prosperity for Arizona’s future.”

“With rising fuel prices and a tightening economy, there is no better time to have R&D tax credits available,” added Steve Turcotte, president, Advanced Ceramics Manufacturing headquartered in Tucson, Arizona. “Innovation leads to both job creation and long-term revenue growth for both small and large companies. If we stop innovating, we’ll lose our competitive edge.”

In addition to increasing the R&D tax credit, the Arizona Technology Council praised lawmakers for their decision to preserve funding for the current Arizona Job Training Fund, the Greater e-learning Association (GAZel) and Science Foundation Arizona (SFAz). These programs and organizations are designed to assist in the creation and retention of higher-paying jobs that support emerging and base industries in every region of the state.

About the Arizona Technology Council
The Arizona Technology Council is a private, not-for-profit trade association founded to connect, represent and support the state’s expanding technology industry. To promote economic growth and professional development in Arizona’s technology sector, the Council provides members networking opportunities, business support and access to educational forums. The Council strives to distinguish Arizona as a leader in the technology community and offer resources that are exclusive to its members. To become a member or to learn more about the Arizona Technology Council, please visit http://www.aztechcouncil.org.