Rep. Christopher Lee (R-NY) speaks from his experience as a manufacturer in this excellent column in today’s Politico, “U.S. may risk losing race for R&D incentives,” to call for the retroactive extension of the Research and Development Tax Credit.
Before I ran for Congress in 2008, I helped run a business in Western New York. We manufactured motion control components — including motors, actuators, vibration isolators and industrial shock absorbers. Our products are used in the Tomahawk cruise missile, in medical equipment, on rail cars (including the subway system in the Capitol building) and in aircraft.
This gave me experience with the daily challenges U.S. manufacturers face to stay on the cutting edge, create jobs and compete successfully against global competitors. Research and development on innovative new products is critical. It’s no surprise, then, that manufacturers perform half of all R&D in the U.S., according to the National Association of Manufacturers.
So our economic recovery and the future of U.S. manufacturing depend on firms having the right incentives to make vital investments in R&D.
The NAM has prepared a ManuFact fact sheet on the credit, “R&D Tax Credit: Keep Manufacturers Competitive in the Global Race for R&D Investment Dollars.”