Washington, D.C.- Senator Marco Rubio introduced The Securing America’s Research and Development Act (SARD) to foster and protect American research initiatives.
S.B. 2823 would increase available research credit quantities, expand eligibility, and bar credit for American companies operating in foreign adversary states.
In a press release published along with the bill’s filing, Senator Rubio opposed the idea of American companies receiving tax breaks while doing business in countries like China or Russia.
According to Rubio “American companies shouldn’t be getting tax breaks for choosing to do business in Russia and China. The Securing America’s Research and Development Act will ensure the United States maintains the competitive edge for the development of new technologies.”
Introduced the Securing America’s Research and Development Advantage Act to protect the interest of the American people and ensure American companies are investing in research and development in the US, not foreign adversaries like China and Russia.https://t.co/mNxl45Jq86 pic.twitter.com/8dHOWNjEUc
— Senator Marco Rubio (@SenMarcoRubio) September 14, 2023
The SARD Act would initially increase credit quantities from $250 thousand to $500 thousand, and continue raising them by annual increments of $25 thousand, reaching up to $750 thousand by 2032. Access to research credit for start-up and small businesses would also be expanded by the SARD Act.
Additionally, companies conducting research in “covered nations” would be ineligible to obtain research credit. Current US law lists “covered nations” as the Democratic People’s Republic of North Korea, the People’s Republic of China, the Russian Federation, and the Islamic Republic of Iran.
Rubio additionally filed two bills earlier this week, the Protecting Conscience in Healthcare Act and legislation to incorporate the Osceola Camp into the Miccosukee Reserved Area (MRA).
The Protecting Conscience in Healthcare Act would prohibit federal or state government agencies and “covered entities,” such as hospitals and health clinics, from compelling employee participation in activities that promote radical gender ideology.
The MRA bill aims to transfer the Osceola Camp, a residential area inhabited by Miccosukee residents, from the Everglades National Park to the MRA.
