Rep. Jim Renacci (R-OH) today released the below statement after the House of Representatives passed H.R. 880, the American Research and Competitiveness Act. This legislation will make permanent a simplified research and development (R&D) tax credit.
“As a CPA and former business owner for nearly 30 years, I can attest that our tax code creates much uncertainty for small businesses. It’s too complex, contains too many loopholes, and its temporary provisions leave small businesses guessing if the policies they utilize will be around the next year. This stifles our ability to lead, grow, and, most importantly, create jobs. In order to keep America competitive, incite economic growth, and keep hard-earned dollars here at home, we must encourage innovation by providing businesses with the certainty they need. That is why I was proud to see the House of Representatives pass the American Research and Competitiveness Act. I’m hopeful that the Senate and the president will act swiftly so that we can make America a more attractive place for businesses to hire and grow.”