Summary of Bill HR 2673
The American Innovation and R&D Competitiveness Act of 2023, also known as Bill 118 hr 2673, is a piece of legislation introduced in the US Congress aimed at promoting innovation and research and development (R&D) competitiveness in the United States. The bill focuses on several key areas to achieve this goal.
One of the main provisions of the bill is the establishment of a National Innovation Foundation, which would serve as a central hub for coordinating and funding research and development efforts across various sectors. The foundation would work to support innovative projects and technologies that have the potential to drive economic growth and create jobs.
Additionally, the bill includes measures to strengthen partnerships between government agencies, academic institutions, and private sector companies to foster collaboration and knowledge sharing. This would help to accelerate the pace of innovation and ensure that the United States remains at the forefront of technological advancements.
Furthermore, the bill aims to increase funding for R&D activities in key areas such as artificial intelligence, biotechnology, and clean energy. By investing in these critical areas, the United States can maintain its competitive edge in the global marketplace and continue to lead in cutting-edge technologies.
Overall, the American Innovation and R&D Competitiveness Act of 2023 seeks to support and promote innovation and research and development in the United States, with the ultimate goal of driving economic growth, creating jobs, and maintaining the country's position as a leader in technological advancements.
Congressional Summary of HR 2673
American Innovation and R&D Competitiveness Act of 2023
This bill eliminates the five-year amortization requirement for research and experimental expenditures, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred.