Congressman Larry Bucshon, M.D. released the following statement following House approval of H.R. 4438, the American Research and Competitiveness Act of 2014, a bill that permanently extends the tax credit for research and development.
Bucshon stated:
“Encouraging basic research and development (R&D) is vital to maintaining our role as a world leader on the cutting edge of science and technology. Unfortunately, federal government support for R&D has been flat, while mandatory spending programs like Social Security, Medicare, Medicaid and now ObamaCare consume an overwhelming share of the federal budget.
“On the House Science, Space, and Technology Committee, we are working to make every available research dollar count. As chairman of the Subcommittee on Research and Technology, I authored the Frontiers in Innovation, Research, Science and Technology Act, or FIRST Act. This is a good step to ensure federal tax dollars are spent efficiently and effectively. However, until we address the open-ended, automatic growth of mandatory spending, it will be difficult to maintain important federal investments in R&D.
“Furthermore, the uncertainty of an expiring tax credit for R&D is putting the United States at a disadvantage. Permanently extending the R&D tax credit would allow our American businesses, large and small, to confidently map their futures, spurring economic growth and job creation.
“As a practicing physician for over 15 years, I saw first-hand the importance of technological innovation in driving down medical costs and raising the quality of care. As a father of four, I want my children to have the same advantages I saw growing up in an America that is not just competitive globally, but leads the world in innovation.â€
BACKGROUND:
First enacted as part of the Economic Recovery Act of 1981, the R&D Tax Credit has been renewed fifteen times with bipartisan support. This tax credit has expired 9 times since 1981 and as it currently sits expired with no certainty of renewal, small businesses and innovators are left in the dark. Almost 20,000 businesses use the R&D Tax Credit annually and more than half of these are small busines
Poor ol’ Larry Kockroach says, As a practicing physician for over 15 years, I saw first-hand the importance of technological innovation in driving down medical costs and raising the quality of care.” The medical device industry is one reason the cost of care has INCREASED. When money is spent on specialty medical equipment then in order to recover those dollars spent physicians order patients to receive treatment using these devices when many times that use is not necessary. If Larry Kockroach wanted to save government money he should have worked to stop the building of tanks that the military said they didn’t need. Those several hundred useless tanks would have paid for all this “mandatory spending” that Larry refers too. That actually saves money. Also a “wag of the finger” to CCO for being Larry’s secretary and just printing whatever he sends in a press release. In case you haven’t noticed it is an election year and Larry has become visible again.
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