American Research and Competitiveness Act

Floor Speech

Mr. Speaker, I rise in reluctant opposition to H.R. 4438, a bill to extend permanently the research and development tax credit. This is not an issue that I take lightly because this tax provision enjoys broad support in my district. But once again, a policy that has long enjoyed bipartisan support and has real economic impact in districts across the country has fallen victim to politics. Rather than advancing a package of tax extenders that places the priorities of working families and underwater homeowners alongside those of our business community, we are considering legislation that singles out the interests of one group over another.

Following the expiration of numerous important tax provisions at the end of last year, many constituents have contacted me to express their concerns about our inaction. From families who rely on the Earned Income Tax Credit to make ends meet, to renewable energy companies that will drastically scale back operations without the Production Tax Credit, to municipalities who use the New Markets Tax Credit to revitalize low-income areas, the scope of people and businesses that will suffer the consequences of inaction on a tax extenders package are too numerous to list here. To those who are looking to Congress for some indication that we are moving past political maneuvering, past the dysfunction that has characterized this body for too long, this bill is a step in the wrong direction.

Beyond the frustration that is felt at elevating this tax provision over the others I have previously mentioned, my constituents will wonder why we can pass this legislation and add about $150 billion to the deficit, but we can't add a dime to extend emergency unemployment insurance benefits to millions of Americans. To advance this bill is an affront to the long-term unemployed who have been falling deeper into debt as Congress debates how it should pay for an extension of the vital benefits that could help keep them afloat while they continue to search for work.

I support extending the tax credit for research and development. It is vital to promoting American manufacturing and supporting our country's innovative technology sector, which is exemplified by the work done by companies like Intel in my district. But I support extending this credit alongside a package of others that also benefit my State, and every State in the country. Congress should consider a comprehensive tax extenders package, and should do so without delay.

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