Below is Noushin's first post on Policy@Intel. We are very excited she has joined our team.
The American Research and Competitiveness Act of 2011– Driving Jobs and Innovation
By Noushin Jahanian, director of Tax Policy and Government Relations at Intel
Yesterday, Rep. Kevin Brady (R-TX), John Larson (D-CT), Erik Paulsen (R-MN) and Anna Eshoo (D-CA) introduced the American Research and Competitiveness Act of 2011. This bipartisan bill would increase the R&D Alternative Simplified Credit (ASC) from 14% to 20% and make it permanent. Incidentally, the Obama Administration’s 2012 budget also called for increasing the ASC and making the R&D credit permanent.
For Intel, innovation is our lifeblood. Intel applies for a thousand patents a year and in 2010, we invested over $6.6 billion in R&D – 80% of which was here in the U.S. And we’re not alone…
A strengthened, permanent R&D tax credit will not only spur innovation but will also create more high-skilled, high-paying jobs in the U.S. A January 2010 report by the Information Technology and Innovation Foundation (ITIF) found that increasing the ASC to 20% would not only create 162,000 in the short-term, but it would also increase annual GDP by $90 billion, increase the number of patents issued to American inventors by 3,850, and increase federal tax revenues by $17 billion.
The R&D tax credit is set to expire again at the end of this year. Intel thanks these members for their strong leadership on this issue. Now is the time for Congress to come together and pass a strengthened and permanent R&D tax credit.
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