Larson on Passage of the Research and Development Tax Credit
Washington – Rep. John B. Larson (CT-01) released the following statement today after the U.S. House of Representatives passed H.R. 4438, The American Research and Competitiveness Act of 2014. Larson is the primary cosponsor of the legislation introduced by Congressman Kevin Brady (R-TX).
“The Research and Development tax credit impacts a large number of Connecticut businesses and manufacturers. By encouraging investment in innovation, companies and manufacturers are better positioned to create economic development and job growth opportunities.
“Providing certainty and the ability to plan ahead is important to research, development and innovation and should be applied equally across the board to the alternative fuel producer and to the teacher at our local schools. I am disappointed that, rather than take up a comprehensive package of extenders, the Majority has decided to pick winners and losers and further ignores how this will be paid for. As Karl Radune, President of BioDiesel One in my district said, it’s the expiration of these tax credits time after time that prevent him from growing his business and bringing on more employees.
“While I continue to believe that we should be addressing our tax extenders in a comprehensive, fiscally responsible manner, I will not let the perfect become the enemy of the good. Since my first term in Congress, I’ve worked with these innovators towards permanently extending and enhancing the R&D Credit. Nothing has changed since I was first elected when businesses and manufacturers told me that certainty to do long-term planning only enhances our economic growth and jobs."