Washington, D.C. – Today, Congressman Rouzer (NC-7) released the following statement after the House passed the American Research and Competitiveness Act (H.R. 880).
“This bill lets innovative companies here in the United States and in Southeastern North Carolina continue to develop new technologies and create high-wage jobs,” said Congressman Rouzer. "I was a proud co-sponsor of this bill because it provides much needed certainty and will enable businesses to make the long-term investments in Research & Development necessary to grow our economy."
H.R. 880 makes the R&D Tax Credit permanent, paving the way for increased innovation and investment in the U.S. The R&D credit generally allows taxpayers a 20 percent credit for qualified research expenses or a 14 percent alternative simplified credit (ASC). Under current law, the research credit expires for amounts paid or incurred after December 31, 2014.