Political Quotes

“I thank the gentleman for yielding. Mr. Speaker, I rise in support of the American Research and Competitiveness Act. This bill takes a couple of important steps in improving a tax credit that supports tens of thousands of jobs in my home State of Washington State. First of all, it makes the credit permanent. This credit has been extended 15 times since it was first enacted in 1981, making it impossible for businesses to plan their research and development activities in the future. When businesses have certainty, they can plan for the future, and when they can plan for the future, they have the confidence to hire workers and to create jobs. Second, Mr. Speaker, there was a time when it was understood that businesses would perform their research and development activities right here in the United States of America. Today, that is not the case. In my home State of Washington, we don't have to look too far to see exactly what other countries are doing to attract research and development. Let's just take Canada, for example, which is just right north of Washington State. In Canada, not only have they reduced their federal corporate tax rate to 15 percent, but they have made it permanent. On top of this, the various provinces and territories have added their own research tax incentives. For example, in British Columbia, there is an additional 10 percent research and development tax credit. We can't compete with that in the United States of America.…”