ITI: Congress Should Act to Fuel R&D Investment
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman and welcomed the introduction of the American Innovation and Jobs Act by Senators Maggie Hassan (D-NH) and Todd Young (R-IN):
“Investments in U.S. research and development drive future innovation and economic growth that benefits consumers, creates new jobs, and advances U.S. competitiveness globally. ITI appreciates the leadership of Senators Hassan, Young and the bill’s co-sponsors for introducing the American Innovation and Jobs Act and encouraging investments in cutting-edge technology. Congress should advance this legislation to create the right business environment to encourage the world’s leading companies to invest, create jobs, and grow the economy in the U.S.”
The United States currently ranks 30th out of 38 global countries with respect to research and development incentives. Since 2022, the U.S. has become an even less attractive place to push forward new innovations because companies currently must amortize R&D expenses rather than expense them in the year they occur.
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