WASHINGTON, D.C. – Today, Congresswoman Julia Brownley (D-Westlake Village) reintroduced the Innovation, Research, and Manufacturing Act, which would expand and make permanent the research and development tax credit.
“It is critical that Ventura County remains on the cutting-edge of innovation, and my bill will help business, both big and small, by allowing them to take advantage of R&D tax credits and make investments in new technologies,” said Brownley.
Research and Development (R&D) is critical in advancing technology, growing a business, and diversifying a product line. The credit benefits businesses both large and small that spend money for R&D for new products. The bill is intended to help businesses grow and expand, creating jobs here in the United States. Specifically, it would:
- Increase the existing credit by 50% to spur additional job creation,
- Make the credit a permanent part of the tax code to provide certainty for businesses, and
- Allow qualified small businesses a credit against payroll taxes.
“Recent research on the Ventura County economy shows that our 30,000 jobs in manufacturing – or some 11 percent of industry employment – generate 26 percent of the county’s economic output. What’s most interesting about that productivity is how much it in Ventura County is driven by research and development. Where we excel, both here and across America, is in design and innovation. For that to continue, businesses need to be confident that their R&D investments today will be treated for tax purposes the same tomorrow. The IRMA Act not only makes that assurance, but helps businesses large and small get a greater return on their R&D investments,” said Bruce Stenslie, President and CEO of the Economic Development Collaborative – Ventura County (EDC-VC).
“The Small Business Council of America applauds Congresswomen Julia Brownley’s introducing the Innovation, Research, and Manufacturing Act, which will be beneficial for small business. Small businesses throughout the United States are lucky to have Congresswomen Brownley fighting for them in Congress,” said Small Business Council of America Board Member Neil Carrey.
“I am proud to represent a community in Congress that is home to innovative businesses, such as biotech and precision-edge manufacturing, which help make Ventura County a great place to live and work,” Brownley said. “I know that my bill will help position our regional, state, and national economies to be competitive in the 21st century.”
Congresswoman Julia Brownley represents most of Ventura County and serves on the House Veterans’ Affairs Committee and the House Transportation and Infrastructure Committee.