Congressional Spending Deal Would Boost Funding for Regional Innovation, Make R&D Tax Credit Permanent

This week, congressional leaders reached a deal on spending that would prevent a federal government shutdown. The omnibus appropriations bill would fund the Economic Development Administration’s (EDA) Regional Innovation Program at $15 million, an increase of $5 million over the previous year. The Regional Innovation program is SSTI's highest legislative priority because of the flexible funding it provides for regional innovation activities. 

The National Institute of Standards and Technology’s (NIST) Hollings Manufacturing Extension Program (MEP) would receive $130 million, and another $25 million would support the National Network for Manufacturing Innovation. The deal also would make the federal research and development tax credit permanent.  Businesses with less than $50 million in gross receipts would be able to use the credit to offset the alternative minimum tax, while certain startups without an income tax liability could apply the credit against payroll taxes. Summaries of the appropriations bills are available at: http://appropriations.house.gov/news/documentsingle.aspx?DocumentID=394337