WASHINGTON — Today, global tech trade association ITI welcomed the introduction of the American Innovation and Jobs Act in the U.S. Senate by Senators Maggie Hassan (D-NH), Todd Young (R-IN), Catherine Cortez Masto (D-NV), and Rob Portman (R-OH). The bill 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.
“Innovation is key to overcoming the challenges confronting the United States, including the COVID-19 pandemic and climate change,” said Jason Oxman, ITI President and CEO. “The United States must encourage new research and development, promote innovation, and support high-paying U.S. jobs. The American Innovation and Jobs Act would help ensure that U.S. companies are the driving force behind the nation’s economic and entrepreneurial competitiveness well into the future. We look forward to working together with Senators Hassan, Young, Cortez Masto, and Portman to quickly advance this bipartisan legislation.”
ITI previously welcomed the introduction of similar legislation 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).