Expanding the R&D Tax Credit to Drive Innovation, Competitiveness and Prosperity PDF Download
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Author: Robert D. Atkinson
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The U.S. economy faces a new and formidable competitiveness challenge. Not only has the emergence of a global economy led to the creation of robust new economic competitors, but within the last decade many nations, including most of Southeast Asia and Europe, have made innovation-led economic development a centerpiece of their national economic strategies. Their aggressive use of research and development (R&D) tax incentives is just one indicator of that commitment. Unfortunately, the United States has not kept pace. While we provided the most generous tax treatment of R&D in the late 1980s among OECD nations, by 2004 we had fallen to 17th. Addressing this new competitiveness challenge will require policy makers to take a host of steps, including improving education and significantly increasing funding for research. Yet while these steps are necessary, they are not sufficient to win the competitiveness challenge. Policy needs to do more than boost the supply of innovation resources (e.g., a better trained workforce and increased basic research discoveries); it must also spur demand by companies to locate more of their innovation-based production in the United States. If the United States is to remain the world's preeminent location for technological innovation (and the high paying jobs that result), Congress will need to significantly expand the Research and Experimentation Tax Credit. To do that Congress should: - Make the R&D tax credit permanent, - Double the rate of the regular credit from 20 percent to 40 percent, - Expand the Alternative Simplified Credit, - Create a flat credit for Collaborative R&D, - Allow firms to expense in the first year expenditures on research equipment, and - Exempt the credit from the corporate Alternative Minimum Tax.
Author: Robert D. Atkinson
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The U.S. economy faces a new and formidable competitiveness challenge. Not only has the emergence of a global economy led to the creation of robust new economic competitors, but within the last decade many nations, including most of Southeast Asia and Europe, have made innovation-led economic development a centerpiece of their national economic strategies. Their aggressive use of research and development (R&D) tax incentives is just one indicator of that commitment. Unfortunately, the United States has not kept pace. While we provided the most generous tax treatment of R&D in the late 1980s among OECD nations, by 2004 we had fallen to 17th. Addressing this new competitiveness challenge will require policy makers to take a host of steps, including improving education and significantly increasing funding for research. Yet while these steps are necessary, they are not sufficient to win the competitiveness challenge. Policy needs to do more than boost the supply of innovation resources (e.g., a better trained workforce and increased basic research discoveries); it must also spur demand by companies to locate more of their innovation-based production in the United States. If the United States is to remain the world's preeminent location for technological innovation (and the high paying jobs that result), Congress will need to significantly expand the Research and Experimentation Tax Credit. To do that Congress should: - Make the R&D tax credit permanent, - Double the rate of the regular credit from 20 percent to 40 percent, - Expand the Alternative Simplified Credit, - Create a flat credit for Collaborative R&D, - Allow firms to expense in the first year expenditures on research equipment, and - Exempt the credit from the corporate Alternative Minimum Tax.
Author: Michael D. Rashkin
Publisher: CCH
ISBN: 9780808014324
Category : Business & Economics
Languages : en
Pages : 764
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Book Description
CCH's Practical Guide to Research and Development Tax Incentives--Federal, State, and Foreign by Michael Rashkin, J.D., LL.M., provides something that has been missing in professional tax literature--authoritative, comprehensive coverage of this complex and evolving topic. This newly expanded resource is practical, easy to follow, easy to understand, and is particularly effective at clarifying and demystifying this complex subject. It provides well-written, detailed guidance on claiming the federal credit for increasing research activities and the deduction for R & D expenditures. In doing so, it explains the elements of qualified research, exclusions, computational rules, and basic research payment credits. Historically, the IRS has been vigilant in denying R & D credits. This resource explains how to satisfy the IRS's requirements, document the credit, and defend against IRS challenges. It also examines research incentives offered by individual states and describes the R & D incentives available in the major economies of the world, offering helpful charts that show the key differences among the various countries.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Kenneth M. Brown
Publisher: A E I Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Author: Michael E. Porter
Publisher:
ISBN: 9781889866215
Category : Competition
Languages : en
Pages : 94
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Book Description
Author: Christof Ernst
Publisher: BoD – Books on Demand
ISBN: 3844101489
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
Germany has currently no explicit form of tax incentive for R&D as they exist in many other countries. The objective of this study is to analyse and evaluate aspects that are important when an R&D tax incentive shall be established in Germany. The study is done both from a business and from an economic policy point of view. It broadens the focus to an European perspective, where the results can be of use in other countries. The study derives relevant research questions and outlines a framework for the evaluation of R&D tax incentives. It provides an overview on the different forms of R&D tax incentives in EU member states in 2010. A discussion then outlines potential models that could be used in Germany. A focus is on the analysis of the incentive's impact on the firm's total tax payments and on the R&D cost by means of a simulation model. Sensitivity analyses use different economic settings and model firms. Another focus is on the empirical analysis of effects from R&D tax incentives and corporate income tax burden on patenting behaviour by using firm-specific patent applications at the European Patent Office (EPO). A substantiated political discussion necessarily needs a projection of potential budgetary costs. Thus, the last focus is on the tax burden and on the overall fiscal costs and applies a micro-simulation model based on a financial statements database to quantify the effects induced by the various models of an R&D tax credit.
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309255511
Category : Technology & Engineering
Languages : en
Pages : 598
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Book Description
America's position as the source of much of the world's global innovation has been the foundation of its economic vitality and military power in the post-war. No longer is U.S. pre-eminence assured as a place to turn laboratory discoveries into new commercial products, companies, industries, and high-paying jobs. As the pillars of the U.S. innovation system erode through wavering financial and policy support, the rest of the world is racing to improve its capacity to generate new technologies and products, attract and grow existing industries, and build positions in the high technology industries of tomorrow. Rising to the Challenge: U.S. Innovation Policy for Global Economy emphasizes the importance of sustaining global leadership in the commercialization of innovation which is vital to America's security, its role as a world power, and the welfare of its people. The second decade of the 21st century is witnessing the rise of a global competition that is based on innovative advantage. To this end, both advanced as well as emerging nations are developing and pursuing policies and programs that are in many cases less constrained by ideological limitations on the role of government and the concept of free market economics. The rapid transformation of the global innovation landscape presents tremendous challenges as well as important opportunities for the United States. This report argues that far more vigorous attention be paid to capturing the outputs of innovation - the commercial products, the industries, and particularly high-quality jobs to restore full employment. America's economic and national security future depends on our succeeding in this endeavor.
Author: Mark Bowler Smith
Publisher: IBFD
ISBN: 908722186X
Category : Corporations
Languages : en
Pages : 267
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Book Description
This book explores one way in which a tax system might help promote competitiveness and sustainable development. Focusing on the UK corporation tax, it recommends the introduction of a Resource Productivity Tax Credit, where resource productivity is defined as the money value of outputs relative to the money value of material resource and non-renewable energy inputs. The book is structured such that it first explores the legal mandate to promote competitiveness and sustainable development as contained in article 3(3) of the Treaty of the European Union. It then explores what competitiveness and sustainable development actually mean, particularly in an EU policy context, through the lenses of Europe 2020 and the EU Sustainable Development Strategy. It concludes that not only is there a great deal of common ground between competitiveness and sustainable development, as objectives, but that increasing resource productivity is a necessary means to those shared ends. After exploring EU tax policy and the relevant rules of the UK corporation tax for evidence of any kind of focus on competitiveness and sustainable development, as well as examining the suitability of corporate income taxes as policy instruments for increasing resource productivity, the book concludes that there is ample scope for a statutory tax incentive to be appended to the UK corporation tax to help fulfil the article 3 mandate. The headline objective of the Resource Productivity Tax Credit is to promote higher resource productivity in the trading activities of individual companies, in particular targeted sectors, through improvements to the knowledge base of those companies rather than through the increased use of raw materials, non-renewable energy and/or intermediate goods.
Author: Kreig D. Mitchell
Publisher: ALI-ABA
ISBN: 0831801336
Category : Law
Languages : en
Pages : 296
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Book Description
"American Law Institute-American Bar Association Continuing Professional Education"--P. [ii].
Author: Institute of Medicine
Publisher: National Academies Press
ISBN: 0309100399
Category : Political Science
Languages : en
Pages : 590
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Book Description
In a world where advanced knowledge is widespread and low-cost labor is readily available, U.S. advantages in the marketplace and in science and technology have begun to erode. A comprehensive and coordinated federal effort is urgently needed to bolster U.S. competitiveness and pre-eminence in these areas. This congressionally requested report by a pre-eminent committee makes four recommendations along with 20 implementation actions that federal policy-makers should take to create high-quality jobs and focus new science and technology efforts on meeting the nation's needs, especially in the area of clean, affordable energy: 1) Increase America's talent pool by vastly improving K-12 mathematics and science education; 2) Sustain and strengthen the nation's commitment to long-term basic research; 3) Develop, recruit, and retain top students, scientists, and engineers from both the U.S. and abroad; and 4) Ensure that the United States is the premier place in the world for innovation. Some actions will involve changing existing laws, while others will require financial support that would come from reallocating existing budgets or increasing them. Rising Above the Gathering Storm will be of great interest to federal and state government agencies, educators and schools, public decision makers, research sponsors, regulatory analysts, and scholars.
