This week, U.S. Sen. Marco Rubio, R-Fla., introduced a bill that he says “strengthens and preserves crucial tax benefits for companies that invest in America’s future, while also ensuring American companies are rewarded for investing in the U.S., not foreign adversaries like China and Russia.”
Rubio brought out the “Securing America’s Research and Development Advantage Act” and offered his reasons for the bill.
“In 2019, American corporations invested more than $8 billion in Chinese Research and Development (R&D). These companies were rewarded with tax breaks because the U.S. tax code does not distinguish where companies make their investments,” Rubio’s office noted.
“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,” said Rubio.
The bill was sent to the U.S. Senate Finance Committee. So far, there is no companion measure over in the U.S. House and no Senate cosponsors.
