Rudy Yakym: “I thank the gentleman from Kansas, my good friend, for the time and for organizing this important event and for this…”

“I thank the gentleman from Kansas, my good friend, for the time and for organizing this important event and for this Special Order. I also thank the gentleman for his leadership on promoting pro-growth research and development policies. Mr. Speaker, we are living through a time of great economic uncertainty created by the Biden administration. This Republican House has an opportunity to provide some certainty to all American families and businesses by bringing back full and immediate deductions for research and development, capital expenditures, as well as by undoing lower interest deductibility limitations. Doing so would help create high-quality, good-paying jobs across our economy for businesses of all shapes and sizes. My district in northern Indiana is no different. Many Hoosier companies have reached out to tell me what fixing those provisions would mean to them. A major medical device company in my district had a $60 million impact in 2022, because they couldn't fully deduct their research and development expenses, and they expect a similar hit for 2023. That is a huge sum of money to be sucked out of our local economy unnecessarily. However, the impacts aren't just felt in large gashes. There are thousands of less-visible cuts across Main Streets in my district, in our State, and across our country. Family owned restaurants have told me they are putting off buying new kitchen equipment.…”