Larson and Tiberi Introduce Legislation to Enhance R&D Tax Credit
Washington, D.C. - Today, Congressman John Larson (D-CT) and Congressman Pat Tiberi (R-OH) introduced the Research & Experimentation Advances Competitiveness at Home (REACH) Act, which would improve the Research & Development tax incentive to encourage companies to increase their R&D spending in the United States. The REACH Act would make changes to the R&D credit to increase its efficiency and effectiveness and it would raise the Alternative Simplified Credit from 14 percent to 20 percent.
“I’d like to thank my friend, Congressman Tiberi, for introducing this jobs bill to encourage companies of all kinds to boost their R&D spending right here at home,” said Larson. “In Connecticut and across the nation, businesses will be able to take advantage of a boosted Alternative Simplified Credit (ASC) and an expanded R&D credit. It is my hope that Congress can work in a bipartisan manner and take up this important bill that would help American companies create jobs and grow our economy.”
“The R&D tax credit, which we made permanent in 2015, has incentivized companies to conduct innovative research here in the U.S., resulting in more jobs and higher wages for American workers,” said Tiberi. “Congressman Larson and I are introducing this bipartisan bill, the REACH Act, to build upon this success and enhance the R&D tax credit to encourage more businesses to invest in our economy.”
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CLICK HERE to read the REACH Act