Rep. Cory Gardner (R-CO) is taking steps to make U.S. companies more competitive on the world stage and boost innovation here at home by advocating for a bipartisan bill, H.R. 942, which would make the research and development tax credit permanent.
"By making this tax credit permanent we are providing certainty for companies that want to make long-term investments in R&D and provide the good-paying jobs that go with it," Gardner said. "Companies right here in Colorado benefit from this R&D tax credit, and it allows them to remain competitive in our global economy."
H.R. 942, the American Research Competitiveness Act, would extend the current 20 percent incremental research credit for one year and increase the current alternative simplified research credit amount from 14 percent to 20 percent. The alternative simplified credit would be made permanent, and a one-year transition period would provide a taxpayer with the ability to transition from the incremental research credit to the alternative simplified credit.