A joint news release from Sen. Amy Klobuchar (D-MN) and Sen. Scott Brown (R-MA), “Senators Klobuchar, Brown introduce bipartisan innovation legislation“:
Washington, D.C. – U.S. Senators Amy Klobuchar (D-MN) and Scott Brown (R-MA) today (Monday, Jan. 31)introduced bipartisan legislation that would help revitalize America’s innovative edge and ability to compete in the global economy.
The Innovate America Act would cut red tape to help businesses utilize research and development for new products, target successful education programs, and promote U.S. exports in new markets to strengthen America’s ability to innovate and compete in the global economy.
“Innovation has always been a catalyzing force in Minnesota’s economy,” Klobuchar said.
“By cutting red tape for businesses and focusing on science, technology, engineering, and math education, we can help our businesses attract and retain our country’s brightest scientists, engineers, and researchers. This bill shows we can come together on a competitive agenda that will move America forward.”
“The Innovate America Act will create jobs and foster innovation by establishing a more favorable environment for small businesses and entrepreneurs everywhere,” Brown said. “During these challenging economic times, it is imperative that we give our universities in Massachusetts and throughout the country the tools and resources they need to turn their ideas into companies and jobs. We also must ensure that our manufacturers and exporters are able to compete in the global marketplace.”
The bill is S. 239. According to the news release, the bill would:
- Encourage greater commercialization of Research and Development by expanding the Basic Research Tax Credit to include all industry-funded university research
- Allow companies to take a flat 30-percent tax credit for donating equipment to high schools and technical and community colleges
- Fund 100 new Science, Technology, Engineering, and Mathematics (STEM)-focused high schools
- Incentivize colleges and universities to increase graduation rates for STEM students
- Expand undergraduate research opportunities
- Establish a website for technology commercialization ideas
- Establish a manufacturing assistance program
- Remove regulatory barriers for top 20 exporting industries
- Enforce existing international exporting and importing laws
- Reduce unnecessary printing and publishing costs of government documents
- Eliminate bonuses for poor performance by government contractors