Rep. Paul Cook Votes to Support American Research and Create Jobs
WASHINGTON – Representative Paul Cook (R - Apple Valley) voted today in favor of H.R. 4438, the American Research and Competitiveness Act of 2014. This bill will incentivize major US innovation in the medical, pharmaceutical, energy, and chemical fields by allowing increased tax credits for research expenses.
The American Research and Competitiveness Act amends the Internal Revenue Code to change the calculation method and rate for qualifying tax credits in research. This will reduce the tax burden on vital research and development, freeing up more money for additional research. This will boost the economy and help create new good-paying jobs.
Cook said, “America is the world’s largest economy because we’re the world’s leader in innovation and new technology. One of the best ways to create new jobs is to stop taxing the types of research that produce job growth. This bill does exactly that, which is why I’m happy to support this important jobs legislation.”
A member of the House Armed Services, Veterans' Affairs, and Foreign Affairs Committees, Cook is a former educator who served as an infantry officer and retired as a Colonel after 26 years in the US Marine Corps. He was awarded the Bronze Star medal with valor device and two Purple Hearts for actions in combat.