John R. Dearie and Jennifer Grundy Young write in The Hill about the bipartisan tax bill that could accelerate American innovation.
- Earlier this year the House of Representatives passed a bipartisan tax bill that will go a long way in advancing energy innovation in the U.S. The bill now sits in the Senate.
- The bill would restore immediate expensing for research and development expenditures, which would allow companies to fully deduct these expenses in the year that they occurred rather than over a lengthy depreciation schedule.
- This fix would reduce the cost of investing in R&D and make the U.S. more competitive with China, who offers a super deduction for R&D.
- Immediate expensing is a pro-growth policy that benefits the economy and environment.
“The effort to restore first-year expensing of research and development investments is about more than tax rates and federal tax receipts. It is central to our nation’s long-term economic competitiveness and ability to win the future in a world in which power is defined in terms of technology and innovation.”
Read the full article here.
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