On the recordMay 20, 2015
When it comes to research and development initiatives, America is rapidly falling behind our global competitors. Unless the U.S. remains the world's leading innovator, our economy will suffer while middle class families and talented college graduates will see jobs and opportunities lost to foreign countries. Making permanent the tax incentive for companies to invest in research and development right here in the United States will ensure lifesaving technologies, state- of-the-art computer systems, and breakthroughs in manufacturing products. While America once led the world in R&D incentives, the U.S. has now dropped to--get this--27th among our global competitors. America's share of global research and development, while it is still big, has dropped from 39 percent, before the turn of this new century, to 31 percent. So look at China. By contrast, China's R&D spending has increased fourfold. It is poised to surpass that of America by 2022. Permanency provides certainty to U.S. innovators. It makes the Federal budget scorekeeping far more honest, and it removes the asterisk from this temporary provision so that progrowth tax reform can advance. This year, we have added a new provision that will allow eligible small businesses to count the credit against the AMT, the alternative minimum tax.…
