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Paulsen Votes for Permanent Extension of R&D; Tax Credit

Washington, D.C.– Today, the U.S. House of Representatives passed the American Research and Competitiveness Act in a bipartisan vote. Congressman Erik Paulsen (MN-03), an original cosponsor of the legislation, voted in favor of the bill that strengthens, modernizes, and permanently extends the Research and Development (R&D) tax credit. The R&D tax credit has been repeatedly extended since 1981—each time on a short-term basis. The Joint Committee on Taxation estimated that American companies would increase research and development by 10 percent if the credit is permanently extended.

“We are the only country in the world that allows such important parts of our tax code to expire regularly,” said Paulsen. “By not giving American businesses certainty, our tax system makes it difficult to grow our economy and create jobs. Permanently extending the R&D tax credit will encourage American companies to innovate, expand their R&D investments, and allow us to compete globally.”

Earlier this week, Congressman Paulsen joined House leadership to speak about the benefits of permanently extending the R&D tax credit for people in his district and around the country. Over 400 medical device companies in Minnesota—supporting thousands of high paying jobs—rely on research and development as their life-blood. According to the National Association of Manufacturers, 70% of credit dollars are used to pay salaries of R&D workers. Video of Paulsen speaking is available here.

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus.

For more information on Congressman Paulsen’s work in Congress visit paulsen.house.gov

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