Larson, Tiberi Introduce Legislation To Increase Research and Development ASC Tax Incentive
Washington, DC – Today, Congressman John B. Larson (D-CT) and Congressman Pat Tiberi (R-OH) introduced the Research & Experimentation Advances Competitiveness at Home (REACH) Act, which would increase the Research & Development tax incentive to encourage companies to increase their R&D spending in the United States. This legislation would raise the Alternative Simplified Credit from 14 percent to 20 percent.
“This bill builds upon the significant bipartisan accomplishment at the end of last year, when we made the R&D tax credit permanent,” said Larson. “I was proud to work with Chairman Brady on that effort and today we are taking it a step further: by increasing the R&D ASC tax credit to 20 percent, we are encouraging innovation and investment both in Connecticut and across the nation; this will create more jobs and grow our economy. I am proud to introduce this bipartisan legislation with my colleague and friend, Rep. Tiberi.”
“By increasing the R&D ASC tax credit, we will be making a strong step to boost job growth here at home,” said Congressman Tiberi. “This bipartisan, pro-growth solution will incentivize more businesses to invest in our economy, while also ensuring our tax code protects America’s ability to lead and compete on the world stage. I would like to thank my colleague, Congressman Larson, for his help and efforts to advance this important legislation.”