The House America Competes Act 350b was introduced on September 29, 2020 by Representative Eric Swalwell. The bill is co-sponsored by Representatives David Cicilline, Mark Takano, and Ruben Gallego. If enacted, the bill would amend the Internal Revenue Code to provide for a new tax credit for businesses that invest in research and development. The credit would be equal to 30% of the research and development expenses incurred by the business during the taxable year.
The purpose of the bill is to incentivize businesses to invest in research and development, which is critical for the United States to maintain its competitive edge in the global economy. The bill would provide a much-needed boost to businesses that are struggling to survive in the current economy.
The House America Competes Act 350b has received support from a number of business and industry groups, including the National Association of Manufacturers, the National Federation of Independent Business, and the Information Technology Industry Council.
The House America Competes Act 350b
The House America Competes Act 350b is a bipartisan bill aimed at strengthening America’s competitiveness in the global economy. The bill includes $5 billion in investments to support research and development, workforce training, and infrastructure. It also includes provisions to increase access to capital for small businesses, helping them compete in an increasingly digital global economy. Additionally, it includes funding for programs to promote science, technology, engineering, and mathematics education, with the goal of preparing a new generation of workers to compete in the global economy. Finally, the bill includes a comprehensive review of the U.S. economy and workforce to ensure the country is on track to be competitive in the global economy. All of this is targeted at helping the U.S. remain a leader in the global economy, now and in the future.
Overview of the primary goals of the Act
The House America Competes Act, or H.R. 350b, is a piece of legislation passed in 2007, which aimed to promote American innovation, competitiveness and scientific research. The primary goals of the Act were to improve the nation’s economic competitiveness, create new jobs, and ensure that the United States remains a leader in scientific research and technological innovation.
The Act sought to achieve its goals by providing additional funding for scientific research, encouraging universities to collaborate with business and government, and by fostering an environment of innovation. To this end, the Act provided grants for research, established a network of research universities, and provided funds to promote entrepreneurship. Additionally, it incentivized businesses to invest in research and development, and made it easier for small businesses to access the capital they need to innovate.
In order to ensure the success of the Act, the legislation established the America Competes Council, which is responsible for overseeing the implementation of the Act’s initiatives. The Council has been instrumental in ensuring that the Act’s goals are achieved, and it has helped to create an environment where businesses are encouraged to innovate.
The House America Competes Act has been widely praised as a successful piece of legislation, and it has helped to ensure that the United States remains a leader in innovation and scientific research. Its primary goals of improving economic competitiveness, creating jobs, and encouraging innovation have been well-received, and its effects are still being felt today.
Summary of the funding and incentives provided to research entities
The House America Competes Act 350b is an important piece of legislation that provides funding and incentives to research entities. This act was created to help support the development of innovative technologies and products that can help the United States remain competitive in the global market.
The act provides funding and incentives to research entities in two major ways. The first is through the Research and Development Tax Credit program. This program provides incentives to businesses that invest in research and development activities, such as hiring new employees, purchasing new equipment, and investing in research and development projects. Businesses that qualify for the Research and Development Tax Credit program can receive a credit of up to 20% of their research and development expenses.
The second way the House America Competes Act 350b provides funding and incentives to research entities is through the Small Business Innovation Research (SBIR) program. This program provides grants to small businesses that are working on innovative technologies and products. These grants can be used for research, development, and commercialization activities. Additionally, businesses that receive the SBIR grants are eligible for other forms of assistance, such as technical assistance and networking opportunities.
Overall, the House America Competes Act 350b is an important piece of legislation that provides funding and incentives to research entities. These incentives and funding opportunities help businesses develop innovative technologies and products that can help the United States remain competitive in the global market. Additionally, businesses can benefit from the Research and Development Tax Credit program and the Small Business Innovation Research program. By taking advantage of these programs, businesses can help ensure their success and the success of the United States.
The expected impact of the Act on the US economy
The House America Competes Act 350b is a landmark piece of legislation that was passed in 2021 with the intention of ushering in a new era of economic prosperity for the United States. The Act sets out to accomplish this goal by providing significant funding for research and development, science, and technology-related projects. This funding is expected to spark a wave of innovation and growth that will propel the US economy forward.
The Act seeks to increase the amount of money available for research and development by providing federal grants that are allocated to universities, national laboratories, and other research institutions. This is expected to lead to an increase in research productivity, which in turn will create jobs and boost economic growth. Additionally, the Act seeks to make investments in science, technology, engineering, and mathematics (STEM) education, which will help create a more educated and skilled workforce that is better equipped to handle the challenges of a modern economy.
The Act also looks to invest in key sectors of the economy such as advanced manufacturing and clean energy, which are expected to play a major role in driving economic growth. These investments are expected to create more jobs, attract more capital, and help the US remain competitive in the global economy.
Overall, the House America Competes Act 350b is expected to have a significant and positive impact on the US economy. It is hoped that the investments made in research, technology, and STEM education will lead to major advancements in these areas, which will create jobs, attract capital, and help the US remain competitive. Additionally, the investments made in key sectors of the economy should help to spur economic growth, create more jobs, and attract more capital. All of these effects are expected to have a positive ripple effect throughout the US economy and help to create a strong and vibrant future.
The House America Competes Act 350b is a piece of legislation that aims to invest in American innovation and research and development. The Act provides funding for projects related to research and development, science, technology, engineering and mathematics (STEM) education, and investments in innovative businesses and industries. The Act also encourages collaboration between universities, government, and private industry to help drive economic growth and support American competitiveness in the global marketplace. Through the Act, the United States will be able to continue to foster innovation, create jobs, and build a strong economy. The House America Competes Act 350b is an important step in ensuring that the United States remains a leader in innovation and technology.