Innovate America Act

The Mass. High Tech Council today endorsed the “Innovate America Act,” which was co-sponsored by U.S. Senators Scott Brown (R-MA) and Amy Klobuchar (D-MN). This bill provides schools and businesses with targeted tools and incentives to help America accelerate the growth of the nation’s innovative technology economy. It also builds upon the December enactment of the America COMPETES Act, which was a top federal priority of the Council. The Council’s endorsement will be made today at an event at MIT featuring Senator Brown, MIT President Susan Hockfield, Analog Devices Co-Founder and Chairman Ray Stata and Council President Christopher R. Anderson.

The Innovate America Act seeks to accelerate technology transfer from academia to the marketplace by expanding the basic research tax credit for all industry-funded research. Having played a pivotal role in creating the Massachusetts research and development tax credit, the nation’s first, the Council strongly supports this extension as a key strategy in unleashing the economic potential of our nation’s higher education assets.

The bill funds the creation of 100 new high schools focused on Science, Technology, Engineering, and Mathematics (STEM) and incents undergraduate STEM research and degree completion, a longstanding Council priority. Among other provisions, the proposal provides tax credits on donations of equipment to high schools and technical and community colleges, meeting a dire need across the country.

The Council calls on Congress to pass this bill and fully fund related provisions in America COMPETES, which keeps federal scientific research funding on a path to be doubled and similarly promotes technology transfer, increases STEM programs in schools, and grows regional innovation clusters.

“Basic research is the lifeblood of our regional economy,” said Council President Christopher Anderson, “Senators Brown and Klobuchar should be commended for their creativity in proposing cost-effective credits and incentives to accelerate technology transfer and STEM education. These proposals make common sense in these uncommon times.”