Pearce Praises Passage of Bills to Boost Job-Creating Research & Development

Statement

Today, the House of Representatives passed the American Research and Competitiveness Act (H.R. 880) and the America COMPETES Reauthorization Act (H.R. 1806) -- bills that would incentivize research and development, promote innovation, and create good-paying jobs. U.S. Rep. Steve Pearce issued this statement:

"Scientific research and development has and continues to improve our lives. From new medical treatments, to a new microchip improving computing power -- innovation has long transformed life in the United States and around the world. Congress must continue to promote and support these efforts. Passage of HR 880 and HR 1806 will support this goal nationwide," stated Pearce.

"The United States has long been in the business of changing the world. From President Kennedy demanding that our nation reach the moon within a decade and our scientists meeting the challenge, to the creation of Google, which was supported by NSF grants -- American discovery has led to countless amazing creations and milestones. I cannot wait to see how the researchers and scientists, benefiting from the House's continued commitment to their work, will change the world in the years to come.

"New Mexico has a long history as a hub of technological innovation. From our national labs and universities, to businesses creating products and procedures revolutionizing their respective industries, the state plays an important role in technological advancement. A fundamental component of any business' ability to grow and develop is budget certainty. Passage of HR 880 provides this certainty by making research and development tax credits a permanent fixture in the tax code. With this addition, businesses will have the confidence to push for greater development and expansion, leading to greater growth and job creation, something our state and nation desperately need."

The American Research and Competitiveness Act would simplify and make permanent the tax credit for research and development. This temporary credit has been repeatedly extended since 1981. Making it permanent would encourage innovation in manufacturing, technology, and energy development -- among other job-creating industries.

The America COMPETES Act increases investments for basic energy research at the Department of Energy (DOE), as well as critical research in biology, chemistry, physics, computer science, engineering and mathematics at the National Science Foundation (NSF), while keeping overall spending at Fiscal Year 2015 appropriated levels.

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