Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am grateful this bill has been brought to the floor for consideration. I rise in support of H.R. 6756, the American Innovation Act, which supports and encourages entrepreneurs to start new businesses. The United States recently dropped out of Bloomberg's list of the top 10 most innovative countries in the world. New business formations in the United States have taken a dramatic downturn since the 2008 recession. Between 1977 and 2007, those 30 years, the economy added 120,000, net, new businesses each year. Since 2008, however, the economy has added only about 2,000, net, new businesses each year since. We should all be committed to making the United States the innovation leader of the world. The American Innovation Act is a down payment towards reaching that goal. The American Innovation Act encourages entrepreneurs in two ways: First, H.R. 6756 allows new businesses to immediately deduct more of their startup organizational expenses. It simplifies the Code and allows businesses to deduct up to $20,000 of startup and organizational expenses when their new business begins. This doubles the amount of the expenses that a business may write off in its first year. Second, the American Innovation Act helps new businesses innovate by preserving valuable tax benefits, like the R&D credit, that are generated from activities conducted in the business' early years.…”