ICYMI: Major R&D Bill Introduced in the House

July 24, 2020 — Blog    — Coronavirus Bulletin    — In Case You Missed It...   

National Association of Manufacturers News Room

Major R&D Bill Introduced in the House

July 24, 2020

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The new bill—an NAM priority introduced by Rep. Jackie Walorski (R-IN)—would boost the manufacturing industry’s ability to innovate.

The numbers: U.S. manufacturers spent more than $270 billion in R&D in 2018—or nearly two-thirds of all private-sector R&D.

The bill: Rep. Walorski’s bill would further support manufacturers seeking to invest in critical research and development, including:

  • Doubling the traditional R&D tax credit from 20% to 40%;
  • Doubling the alternative simplified tax credit from 14% to 28%; and
  • Making it easier for small businesses to access the R&D tax credit.

A word from the NAM: “The manufacturing industry is the backbone of American research and development,” said NAM Senior Director of Tax Policy David Eiselsberg. “This bill would support jobs, boost innovation and help ensure America’s future competitiveness.”

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