Rep. Rick Larsen, WA-02, issued the following statement today regarding his vote against H.R. 4438, the American Research and Competitiveness Act of 2014.

The Act would make the research and development tax credit permanent without providing a way to pay the expected cost of $156 billion over 10 years.

“Support for innovation has long been one of my top priorities. Research and development are critical investments in the foundation of long-term economic growth that creates jobs and opportunity in Northwest Washington and across the country. I strongly support a permanent extension of the R&D tax credit because it would be good news for businesses of all sizes.

“But we must invest in innovation and job creation while also maintaining fiscal responsibility. Our country's budget deserves a balanced approach by matching changes in the tax code like this one with savings found elsewhere. The R&D tax credit can achieve these goals as part of a comprehensive plan that includes a way to pay for the credit, such as passing immigration or tax reform,” Larsen said.

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