alliantgroup would like to recognize U.S. Representatives Mike Kelly (R-PA) and Ron Kind (D-WI) for introducing the Invent and Manufacture in America Act in the House of Representatives. Last month, U.S. Senators Chris Coons (D-DE) and Pat Roberts (R-KS) released this legislation, which is a House companion bill to the Senate version. The bipartisan tax bill, if signed into law, would provide a tax cut for companies that not only conduct research and development in the U.S., but also domestically manufacture products resulting from this R&D.
Nearly 50 percent of economic growth in the United States is from scientific and technological innovation. However, investment in R&D has increased at a pace of only 1.6 percent annually since 2000 in the United States.
The ongoing offshoring of manufacturing operations, which has separated manufacturing facilities from where R&D is conducted, has further complicated the nation’s growth potential. Companies are twice as productive in their R&D efforts when operations are co-located with a manufacturing facility, therefore domestic R&D and manufacturing should be combined to stimulate job creation and growth.
“This legislation would go a long way in reenergizing the manufacturing sector and in bringing high-paying manufacturing jobs back to the U.S,” said alliantgroup CEO Dhaval Jadav.
“The introduction of this legislation in both the House and Senate is a clear sign that our elected officials are focused on revitalizing American manufacturing and innovation,” said alliantgroup National Managing Director and former Senior Counsel to the U.S. Senate Finance Committee Dean Zerbe. “This is excellent news for American businesses and business owners.”
For more information, read the full release here.