Last week, U.S. Rep. Katherine Clark, D-MA, voted with other members of the Massachusetts delegation and a bipartisan majority to make the federal Research and Development Tax Credit permanent for companies that spur innovation and create jobs. Recent studies have shown that nearly 40 percent of the Commonwealth’s workforce is employed within an innovation economy sector. Seeing greater economic impact from an innovation economy than any other state, Massachusetts has long benefitted from the R&D Tax Credit. The Commonwealth’s own R&D Tax Credit was supported and made permanent by state leaders in order to strengthen the high growth sectors creating thousands of jobs each year.
In addition to supporting the Permanent R&D Tax Credit, Clark advocated for a Democratic amendment to improve the legislation. The amendment would require that tax cuts do not increase the deficit. It would also require tax credit recipients to remedy any gender-based wage discrimination as well as implement job-placement programs for unemployed workers.
“Massachusetts is where the nation’s forward leaning technologies are conceived, incubated, and introduced to the world,” said Clark. “I support this bill because the Commonwealth’s continued job growth is inexorably tied to our research and development based economy. Because our nation’s spending is a statement of our values, I will continue to challenge my Republican colleagues to focus on the urgently needed job creating measures they have consistently blocked. It’s disingenuous for Republicans to prioritize spending for one element of job creation while completely refusing others, like unemployment insurance and reversing draconian sequester cuts.”
Submitted by the Office of Katherine Clark.