Wichita Standard

Reps. Ron Estes and John Larson have reintroduced the American Innovation and R&D Competitiveness Act, aiming to restore immediate research and development expensing in the United States. This bipartisan effort is supported by Reps. Rudy Yakym, Suzan DelBene, and 64 other original cosponsors. The bill seeks to address the expiration of this provision in 2022.

Rep. Estes emphasized the importance of R&D for job creation and maintaining U.S. leadership in innovation: "Research and development in the United States does more than just advance innovation, it provides good-paying jobs for Americans across the country and strengthens our nation." He highlighted bipartisan support for the measure due to its potential economic benefits.

Rep. Larson echoed these sentiments, noting that eliminating immediate R&D expensing under the 2017 Tax Law has hindered business investment: "Research and development play an integral role in creating good-paying jobs across the country, especially as we work to strengthen our economic competitiveness."

Rep. Yakym pointed out Indiana's reliance on manufacturing: "Manufacturing is the backbone of Indiana's economy... Research and development fuels economic growth, creates jobs, and keeps America competitive globally."

Rep. DelBene discussed Washington's technological advancements: "Washington has been at the forefront of advanced technology development... Restoring the R&D credit is imperative for businesses to have the tools they need to invest in cutting-edge research."

Charles Crain from the National Association of Manufacturers praised the bill: "The American Innovation and R&D Competitiveness Act would restore immediate R&D expensing, supporting manufacturers' efforts to invest in American jobs and innovation."

Kip Eideberg from AEM also supported it: "By restoring strong incentives for research and development expenditures, this legislation will encourage more equipment manufacturers to develop... driving domestic innovation."

The bill has a broad base of support with numerous cosponsors from both parties.