COMPETES Act Reauthorization: Critical Investment in America's Competitiveness
The House of Representatives’ vote on Tuesday to reauthorize the America COMPETES Act is essential to ensuring we stay at the front of the pack as a leader in scientific and technological innovation. The COMPETES ACT investment of $46 billion over the next three years for basic research programs aimed at boosting science, technology, engineering and math education will help the U.S. encourage innovation and economic growth here at home at a time when we need it most.
Applied Materials is pleased that the Department of Energy (DOE) and ARPA-E (Advanced Research Projects Agency-Energy) will be funded at levels that will allow them to continue to drive innovative scientific and technological advancements. In funding core research and development, the U.S. is making the right investment in preserving and protecting our economy and American jobs.
With the House’s supportive vote on the version already passed in the Senate, the bill now goes to President Obama to be signed into law. Applied Materials and its fellow partners at the Council on Competitiveness have supported this legislation since its inception in 2007.
Also just this past week, the tax package that President Obama signed included a 2-year extension of the R&D tax credit and other tax incentives to support business expansion, another important instrument in fostering economic development.
Applied Materials applauds these policy developments and is hopeful that Congress will continue to build upon this momentum to further American innovation and business development.