Investing in Innovation
Growing Jobs in Connecticut & Across the Country
For over a century, the Hartford area has been home to some of our nation’s greatest innovators and inventers. Whether it’s giants like Pratt & Whitney or the vital ecosystem of small & medium size manufacturers, our community continues to prosper because of new ideas and historic breakthroughs. That’s why I couldn’t have been prouder to work across the aisle with Chairman Kevin Brady to lead the effort to permanently extend the nation’s Research and Development Tax Credit.
Rep. Larson views the work of young entrepeneurs in CCAT's small business incubator program.
Since 1981, the R&D Tax Credit has provided innovators in Connecticut and across the nation—both large employers and small businesses—the incentives they need to invest in innovation, spurring job creation and new technological breakthroughs. However, the temporary nature of the credit always led to uncertainty when it came to investment.
Fortunately, after many years of extending the credit on a short-term basis, I led the bipartisan effort to make it permanent in December of 2015—with enhancements to allow even more small businesses to qualify. This was a big victory for innovators in Connecticut and across the country who invest in new hires and take the chances that lead to new, cutting edge technology.
Larson tours Sterling Sintered Technologies in Winsted, CT.
Companies in our district such as AdChem Manufacturing, RSL Fiber Systems, and countless others now know that when it comes to investing in their people, the federal government is there to back them up. That’s why I joined Rep. Pat Tiberi on a new proposal to make the R&D Tax Credit even more effective.
Our plan will increase the R&D Alternative Simplified Credit from 14% to 20%, making the U.S. more competitive with other countries and allowing us to create additional jobs and grow our economy. Nothing is more important than making sure every American has access to a job, and I will keep working across the aisle to make that dream a reality for the men and women of Connecticut and all across the nation.