WASHINGTON — Today, global tech trade association ITI welcomed the introduction of the American Innovation and R&D Competitiveness Act in the U.S. House of Representatives. The Act, introduced by Representatives John Larson (D-CT), Ron Estes (R-KS), Jimmy Panetta (D-CA), Darin LaHood (R-IL), Suzan DelBene (D-WA), and Jodey Arrington (R-TX), would ensure that companies are able to continue to fully expense R&D costs in the year those costs are incurred, as has been permitted under law since 1954.
“The United States is home to many of the most innovative companies in the world, and the research and development efforts that these companies undertake are a crucial part of maintaining U.S. competitiveness globally,” said Jason Oxman, ITI President and CEO. “By allowing companies to continue to fully expense R&D costs as normal, the American Innovation and R&D Competitiveness Act will encourage innovation, support high-paying U.S. jobs, and help ensure the United States’ competitiveness well into the future. We’re grateful to Representatives John Larson, Ron Estes, Jimmy Panetta, Darin LaHood, Suzan DelBene, and Jodey Arrington for introducing this bill, and urge the U.S. Congress to move this key legislation forward quickly.”