WASHINGTON, D.C. – May 21, 2015 – (RealEstateRama) — U.S. Rep. Ed Whitfield (KY-01) voted last night in support of H.R. 880, the American Research and Competitiveness Act, and H.R. 1806, the America COMPETES Reauthorization Act. Both measures passed the House of Representatives by a vote of 274 to 145 and 217 to 205, respectively. Whitfield released the following statement upon passage.
“Since the founding of our great nation, American entrepreneurialism has been a hallmark of our successes and a driver of economic prosperity. We must not lose our competitive edge in the global economy, and this means providing our innovators with the tools they need to be successful and focusing our limited federal resources on the most efficient and effective research programs.
“The American Research and Competitiveness Act provides Kentucky innovators more certainty by permanently extending the research and development tax credit. The America COMPETES Act prioritizes federal investments in appropriate research and education programs focused on basic sciences while cutting funding for President Obama’s wasteful and duplicative climate change and green energy agenda. Innovation and investment are fundamental to our economy so Congress must continue to ensure taxpayer resources are being used wisely.”
H.R. 880, the American Research and Competitiveness Act, establishes a permanent solution for calculating both the basic research tax credit and the energy research tax credit with a rate of twenty percent. In addition, the legislation allows eligible small businesses, with $50 million or less in gross revenues, to claim these tax credits against the Alternative Minimum Tax liability.
H.R. 1806, the America COMPETES Reauthorization Act, authorizes funding for targeted research and education programs at the National Science Foundation (NSF), the National Institute of Standards and Technology (NIST), the Department of Energy (DOE), and the Office of Science and Technology Policy. The legislation also reduces funding for the Obama Administration’s climate change, green energy, and late stage commercialization programs by $1 billion.