George Holding: “I want to thank Chairman Brady for offering this important piece of legislation. The research and development credit…”

“I want to thank Chairman Brady for offering this important piece of legislation. The research and development credit plays a crucial role in the continued economic growth of our Nation, spurring innovation and supporting high-skilled, high-paying jobs. Innovation has been a huge driver of growth in my district. Because of the breakthrough technologies coming out of Research Triangle Park, North Carolina has become a leader in American innovation. In and around my district, I have seen how important the R&D credit has been to our Nation's innovative companies, like Biogen, Cisco, GSK, SAS, UTC, and Siemens, amongst a host of others. I urge my colleagues to support such companies and their employees and the families of those employees by making this important credit permanent. Right now, Mr. Speaker, a growing number of foreign countries are increasing innovation and advancing manufacturing by providing generous and permanent R&D tax credits along with lower corporate tax rates. In fact, according to an OECD study, the U.S. ranks 22nd in research incentives among industrialized countries. We owe our innovators better, and in order to remain a leader in the increasingly global economy, we must continue to support and incentivize research and innovation here in the United States.…”