The United States continues to fall further behind world leaders in funding for university research. To reverse course, it should increase support by $45 billion per year and provide stronger incentives for businesses to increase their investments.
R&D and Innovation
April 2, 2007
Expanding the Research and Development Tax Credit to Drive Innovation, Competitiveness and Prosperity
ITIF outlines several steps Congress should take to strengthen the credit.
March 20, 2007
American competitiveness in the innovation-driven global economy has become a subject of intense concern, with many pointing to the shortage of well-trained American scientists, technicians, engineers, and mathematicians (STEM). Amid the proliferation of policy proposals to address the problem, however, one critical component has been largely overlooked: the role of specialty math and science high schools. In a new report, ITIF argues that such schools graduate deeply knowledgeable and passionate students of science and math who are more likely to pursue these fields in college and beyond. As a result, funding the expansion of specialty science and math schools must be an important part of any solution to the STEM challenge. The report recommends taking steps to triple enrollment in math and science high schools to reach 140,000 by 2012.
September 5, 2006
The Research and Experimentation Tax Credit: A Critical Policy Tool for Boosting Research and Enhancing U.S. Economic Competitiveness
The Research and Experimentation Tax Credit can play an important role in ensuring that the United States remains an attractive location for global companies to conduct research. Not only does the credit spur the retention and attraction of investment in R&D in the United States, new scholarly research shows convincingly that the credit is an effective tool for stimulating additional research, which in turn leads to faster economic growth. However, while the United States had the distinction of providing the most generous tax treatment of R&D of all OECD nations in the early 1990s, by 2004 we had dropped to 17th most generous.