21.   A research and development agenda that includes record levels of federal investment and a permanent tax credit to strengthen private research and development and create jobs.

22.   Bush had recently proposed an alternative which would provide tax credits to all but the largest businesses if they voluntarily adopted a similar leave policy.

23.   They therefore receive an imputed tax credit evaluated at the basic rate of personal tax.

24.   This reduction in the tax credit has important consequences for trusts.

25.   They will be able to set off the tax credit against part of this liability.

26.   There is very little evidence that investment tax credits actually inspire any new investment.

27.   For this reason funds can claim a tax credit on the dividends they receive on their equity investments.

28.   These tax credits form an important element in the stream of income or discounted cash flow calculation.

29.   Third, a federal provision gives tax credits to firms that set up manufacturing operations in US possessions, most notably Puerto Rico.