Reps. DelBene, Walorski, Sens. Coons, Roberts, Introduce Bipartisan, Bicameral Bill to Boost Federal Investment in R&D
Today, Reps. Suzan DelBene (WA-01) and Jackie Walorski (IN-02), introduced the Furthering Our Recovery With American Research and Development (FORWARD) Act to provide expanded tax support for American companies that invest in the research and development (R&D) of new products and technologies.
The United States spends far less supporting R&D than its international competitors. This places American businesses at a disadvantage, undermining the U.S. economy and leaving the country ill-prepared for crises like COVID-19.
"COVID-19 is having a devastating impact on our economy and draining resources for future innovations. To help spark the next generation of products and discoveries, and get our economy on track, we need to invest in research and development," said DelBene. "We need to unlock the full potential of the R&D Tax Credit by making it more accessible to smaller businesses."
“Our country is facing an unprecedented challenge, but I know we will emerge even stronger because of American innovation and entrepreneurial spirit,” said Walorski. “Boosting investment in research and development – including for new treatments and vaccines – will not only help in the fight against coronavirus, it will put America’s small businesses and manufacturers on the best path to rebuilding our economy.”
The FORWARD Act:
The companion bill in the Senate is led by Sens. Chris Coons (DE), Pat Roberts (KS), Catherine Cortez Masto (NV), Todd Young (IN), Maggie Hassan (NH), and Steve Daines (MT).