The US House of Representatives has passed legislation that would simplify and strengthen the research and development tax credit and permanently enshrine it in the US tax code.
The American Research and Competitiveness Act of 2015 (H.R. 880) was approved by the House by a vote of 274-145 on May 20. The bill's sponsor, Kevin Brady (R - Texas), said of the legislation: "America's future depends on innovation occurring here in the US. Without the right permanent research and development incentive, we will continue to fall behind our global competitors and watch good paying research jobs go overseas. A permanently strong economy requires a permanent research and development tax credit."
