Ron Estes: “I appreciate the gentleman participating and highlighting how important it is in the Congressman's district and the…”

“I appreciate the gentleman participating and highlighting how important it is in the Congressman's district and the impact on that part of the country in Texas. Wichita, where I am from, is known as the Air Capital of the World for its pioneering role in the early days in American aviation. Today, in south central Kansas, it is brimming with companies continuing to push the limits of the aerospace industry, including in general and commercial aviation, but also space, defense, and unmanned aircraft systems. All of these new advances in Kansas that developers, engineers, and manufacturers want require technology, and they require research and development, but these innovators tell me that the incentive just isn't there. Knowing that they have to amortize their R&D costs prohibits them from pursuing these technological advances. Let's change that by restoring immediate R&D expensing. As I mentioned earlier, R&D expensing is primarily a jobs issue, and, without an incentive for home-grown R&D, the U.S. loses out on creating new jobs. As the R&D Coalition says, for every $1 billion of U.S. R&D spending, 17,000 jobs earning $1.4 billion are supported in the United States. They also note that, if the R&D amortization policy is not reversed, the United States stands to lose 410,000 jobs, $57.5 billion in labor income, and $71 billion in R&D spending over the next year, and it is going to make America less competitive on the world stage. Mr.…”