Congressman Ryan Votes to Support Research and Innovation Tax Credit
Washington, D.C. - Last week Congressman Tim Ryan voted in support of the American Research and Competitiveness Act of 2014, a bill that would make the research and development tax credit, which expired at the end of 2013, permanent. The research this bill supports includes both basic and energy research, and changes the research credit to a three-year rolling average, giving researchers the time they need to maximize effectiveness and change. Enacting this bill is another step toward creating a healthier business climate and promoting economic growth.
“This tax credit is an important tool in helping businesses continue the research and innovation that manufacturing depends on,” said Congressman Ryan. “However, I am disappointed that my Republican colleagues, who demand offsets for unemployment compensation and just about everything else, chose not to pay for this tax cut. This is fiscally irresponsible.”
The Biotechnology Industry Organization, the U.S. Chamber of Commerce and the National Association of Manufacturers voiced their support for the Research and Competitiveness Act. This bill supports private sector funding for medical discoveries, supporting innovation in the United States, and providing millions of current and future American jobs.