Senator: R&D credit key to boosting U.S. jobs, innovation
Renewal and strengthening of the expired research and development tax credit, “is critical to maintaining the United States’ role as the most innovative country in the world,” Republican senator Orrin Hatch said this week.
Republican senator Orrin Hatch of Utah, a senior member of the Senate Finance Committee , told members of the National Association of Manufacturers this week that renewing and strengthening the expired research and development tax credit, “is critical to maintaining the United States’ role as the most innovative country in the world.”
Hatch is the sponsor of the Research Credit Improvement Act , S. 2209, which will strengthen and make permanent the R&D tax credit that expired at the end of 2007.
“Extending the research credit is an important step for the future economic growth of the United States,” Hatch said when introducing the legislation. “Utah is a prime example of how state economies benefit from the research credit. Utah is home to various firms that invest a high percentage of their revenue in R&D.” In 2005, Utah, with more than 1,200 firms participating, was among the top 20 states that reported firms doing R&D activity, according to a study by Ernst & Young .
“As the largest innovators in the United States, manufacturers claimed more than 70 percent of the R&D Credit in 2005,” said John Engler, NAM president and CEO. “R&D fuels the innovation that drives new product development and productivity gains %%MDASSML%% both essential for growth in the manufacturing sector.”
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey