WASHINGTON, DC – Today, Congressman Alex X. Mooney applauded the passage of H.R.880, the American Research and Competitiveness Act of 2015, in the U.S. House of Representatives by a vote of 274-145. Mooney is a cosponsor of the legislation, and previously wrote a letter asking House Leadership to bring the bill to the floor for a vote.
“Last month, I called for the House Leadership to bring this commonsense legislation to the floor for a vote immediately,” said Rep. Mooney. “I thank them for answering the call.
"By making the Research and Development tax credit permanent, this legislation will reduce the amount of taxes that America’s innovators pay.
"When I ran for office, I promised West Virginians that I would fight for policies that create jobs and bring economic freedom back to America. This bill takes us a small step in that direction, and I am pleased that it passed.”
The legislation permanently extends and simplifies the calculations for the Research and Development Tax Credit.
Under the legislation, a West Virginia small business that spends $5 million a year on research could be eligible for a $500,000 tax credit – or enough to hire 10 new employees at $50,000 a year.
Businesses in West Virginia conduct over $770 million in Research and Development activity on a yearly basis.
According to a recent study, H.R.880 will increase overall investment in research by $33 billion and result in 300,000 research-related jobs.
Alex X. Mooney represents West Virginia’s second congressional district in the U.S. House of Representatives. He is a member of the Budget and Natural Resources Committees.
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