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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 880, the American Research and Competitiveness Act:

“America leads because we take the principles of our past and we apply them to a changing future. We are the pioneers that always look to the next frontier—ready to challenge what others believe is impossible. Innovation is key to our leadership, and it is essential to our economic prosperity in an increasingly competitive 21st century world. What Washington needs to understand is that the greatest innovations don’t come from Washington. They come from the people.

“When Ronald Reagan first signed the R&D tax credit into law, he knew it would grow our economy and make America strong because it put our faith in this country’s greatest asset: the people. The R&D tax credit harnesses that American spirit and makes space for the American people to lead us into the future.

“I would like to thank Representative Kevin Brady (TX-08) for his work on this bill to ensure that America remains the global leader in innovation.”