Today, Congressman Scott Peters (CA-52) released the following statement after voting in favor of H.R. 4438, the “American Research and Competitiveness Act,” which would permanently extend part of the research and development (R&D) tax credit. In December, Peters introduced H.R. 3757 to make the R&D tax credit permanent and lower barriers to collaborative research in the energy and biotechnology fields, according to a press release. H.R. 4438 passed the House on a bipartisan 274-131 vote and now moves to the Senate.

“Large parts of San Diego’s economy rely on research and development,” Rep. Peters said. “As we work to expand the economy, the R&D tax credit plays a central role in creating high-quality jobs in science and innovation locally and nationwide. The Information Technology and Innovation Foundation estimated this bill will create 150,000 jobs.

“Last year I introduced a bill similar to this one that simplified and made permanent the R&D tax credit while expanding opportunities for energy research and biotechnology consortia. We need to be giving innovators, entrepreneurs, and businesses the certainty and incentives needed for them to invest in starting and expanding their ventures here in the United States.

“In addition to supporting today’s vote, I will continue my advocacy for the technology economy through immigration reform and tax reform that simplifies compliance, enhances our national competitiveness, and brings internationally held money home. It is time we comprehensively reform our broken tax code that is putting our country at a competitive disadvantage and undermining our economy’s ability to grow at its full potential.”