President Obama is preparing a pre-election push to make the research and development tax credit permanent and create a massive, temporary tax incentive to encourage businesses to invest in new equipment, the White House confirmed Sept. 7.

White House Press Secretary Robert Gibbs said the president will announce a plan to offer businesses the chance to deduct 100 percent of the cost of qualifying capital equipment purchases made in 2011, double the amount allowed in the Emergency Economic Stabilization Act of 2008 (Pub. L. No. 110-343) and proposed for the small business bill (H.R. 5297) that is currently stalled in the Senate.

“We’re saying that for 2011, we believe that 50 [percent] should go to 100 [percent]. It builds off of an effort to get capital off the sidelines and into the economy,” Gibbs told reporters.

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