ITI Urges Congress to Support U.S. Research and Development
WASHINGTON – Today, global tech trade association ITI released the following statement from its President and CEO Jason Oxman and welcomed the re-introduction of the American Innovation and Jobs Act by Congressmen John Larson (D-CT) and Ron Estes (R-KS):
“ITI appreciates the momentum the American Innovation and Jobs Act has seen on Capitol Hill and is grateful for the leadership of Congressmen Larson and Estes, and the bill’s more than 60 bipartisan co-sponsors. Encouraging U.S. research and development should be a core mission of policymakers. This new legislation will advance the U.S. economy, create opportunities for U.S. workers, and allow the U.S. to compete meaningfully with its global counterparts.”
The United States currently ranks 30th out of 38 Organisation for Economic Co-operation and Development (OECD) 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 over five years rather than expense them in the year they occur.
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