WASHINGTON, D.C. — The introduction of H.R. 942, The American Research and Competitiveness Act of 2011, a bipartisan bill that will strengthen the research and development (R&D) tax credit from 14% to 20%, is being lauded as a boon to GA.
Representative Kevin Brady (R-Texas) introduced the bill, which was cosponsored by Representatives John Larson (D-Conn.), Eric Paulson (R-Minn.) and Anna Eshoo (D-Calif.).
Clay Jones, chairman, president and CEO of Rockwell Collins said, “Enactment of a strengthened, permanent R&D tax credit by the 112th Congress will serve as a springboard for future economic growth. Our nation must invest in the research, ideas and people who produce innovation. This legislation will encourage general aviation manufacturers to make long-term investments, thereby allowing companies to be globally competitive and create more U.S. jobs.”
.mpany’s Jack Pelton, chairman, president and CEO, also commented, “The pace of technological advancements in the general aviation industry is continuous and R&D is essential for manufacturers to produce state-of-the-art products that make aviation safer. Modernizing, strengthening and making permanent the R&D tax credit is vital to the future of our industry as we all attempt to recover from the economic downturn and diversify our products.”
Pete Bunce, president of the General Aviation Manufacturers Association, concluded, “We appreciate Representative Brady’s leadership and the strong bipartisan support of Representatives Larson, Paulson and Eshoo. As an industry that relies on R&D, we strongly support this bill and urge quick approval by Congress.”