Today's R&D Dollars Create Tomorrow's Jobs

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Mr. ESTES. Mr. Speaker, I rise today to introduce the American Innovation and R&D Competitiveness Act.

Our country is filled with talented innovators who put their heart and imagination into new ideas that advance our Nation. Through research and development, their incredible breakthroughs can come to fruition.

Unfortunately, the R&D immediate expensing tax provision expired at the end of 2021, removing the incentive to prioritize research and development in the United States.

By disincentivizing R&D here at home, American tax policy encourages manufacturing and production to move abroad. That is why I am reintroducing bipartisan legislation that encourages R&D throughout the country.

Sixty-four original cosponsors have joined me and Congressman John Larson to make R&D immediate expensing permanent, cementing this critical tax provision and reestablishing the United States as the leader in research and development.

Today's research and development dollars create tomorrow's jobs, and we need to keep R&D dollars inside our country where they can help strengthen American businesses and workers.

Mr. Speaker, I encourage my colleagues to join me in advancing this critical legislation.

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