Between Worlds, by Bill Richardson: on Technology

Pushed R&D tax credit--3 year tax holiday for high tech

In 2003, we were eager to attract high-tech business. The state had suffered one classic missed opportunity. In 1975, a couple of guys named Gates and Allen developed a language for the first personal computer, which happened to have been invented by Micro Instrumentation and Telemetry Systems of Albuquerque. By 1978, Albuquerque-based Microsoft had 13 employees and sales of more than $1 million. Then it was gone. Whatever the reason, Microsoft decamped and became the catalytic agent that helped transform the entire Seattle area. I wanted to do everything I could to make sure that a future big fish did not slip through our nets.

That is why I pushed for and got through the legislature in 2005 a research-and-development tax credit. It is a three-year tax holiday for new technology companies. They are laying capital on the line, and we want to invest in their success. If they qualify, they can also take advantage of the tax credit we instituted for companies that provide high-wage jobs.

Source: Between Worlds, by Bill Richardson, p.306-307 Nov 3, 2005

*The above quotations are from Between Worlds: The Making of an American Life, by Bill Richardson, with Michael Ruby.* Click here for definitions & background information on Technology. Click here for more quotes by Bill Richardson on Technology.
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