FROM THE OFFICE OF PUBLIC AFFAIRS

"The President has insisted that the flurry of regulations issued at the end of the previous administration be reviewed. Consistent with that moratorium, Treasury is delaying the effective date and reopening the comment period for the R&E tax credit regulations issued January 3.

"Impacted taxpayers have voiced strong concerns that they were not given an opportunity to review and comment on the operation of the new provisions in the rules. It's only fair for those taxpayers to have an opportunity to comment further on the complexity of these regulations that were announced just as the Administration changed hands."

"Further, the R&E tax credit is a significant element of the President's tax plan -- a plan I fully support and am committed to enacting as quickly as possible. These regulations limited the value of the current credit for those who have chosen to rely on it."