Wichita Standard

Rep. Ron Estes (R-Kansas) led a Special Order on the floor of the U.S. House of Representatives to highlight the urgent need to pass legislation restoring immediate expensing for research and development. Several other Ways and Means members and representatives from around the country joined Rep. Estes in emphasizing the importance of this legislation.

"We know that where R&D occurs, jobs and economic opportunities follow," said Rep. Estes. "The time to address R&D amortization was by the end of 2021 – the next best time is now. We need to pass R&D immediate expensing for the American people and our U.S. economy."

Reps. Estes and John Larson (D-CT) reintroduced H.R. 2673 – the American Innovation and R&D Competitiveness Act – on April 18, 2023. They were joined by several other representatives as cosponsors.

Rep. Estes delivered remarks on the House floor in April, and numerous organizations offered their support following the bill's introduction. In June, Rep. Estes testified on the legislation in a Small Business Committee subcommittee and discussed the bill during a Ways and Means markup for the committee's Build It in America Act.

Last month, Rep. Estes published an op-ed in Newsweek, explaining how his bipartisan bill offers a solution to the expired R&D expensing provision. The bill aims to restore America's dominance in R&D and secure American jobs.

The legislation has garnered significant support, with over 100 cosponsors and endorsements from various organizations. It addresses the need to restore immediate expensing for research and development, which plays a crucial role in driving innovation and economic growth.

Passing this legislation will not only benefit individual taxpayers but will also have a positive impact on the economy as a whole. By incentivizing companies to invest in R&D, the bill aims to create more job opportunities and drive economic prosperity.

Rep. Estes and his colleagues are committed to ensuring that the United States remains at the forefront of innovation and technology. By restoring immediate expensing for research and development, they aim to promote American competitiveness and secure the future of the nation.

The Special Order led by Rep. Ron Estes serves as a platform to raise awareness about the importance of passing legislation to restore immediate expensing for research and development. With support from various representatives and organizations, the bill has the potential to drive economic growth, create jobs, and solidify America's position as a global leader in innovation and R&D.