[Congressional Record (Bound Edition), Volume 158 (2012), Part 10]
[House]
[Page 13189]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      THE INNOVATION PROMOTION ACT

  (Ms. SCHWARTZ asked and was given permission to address the House for 
1 minute.)
  Ms. SCHWARTZ. To strengthen our economic competitiveness in a global 
economy, we must create the right environment for private sector growth 
in cutting-edge industries. As we work to reform our corporate Tax 
Code, it's critical that we consider policies that reflect our 21st 
century economy, an innovation economy, and promote new domestic 
manufacturing based on the best ideas developed right here in America.
  Today, I will introduce a plan to incentivize manufacturing, 
innovation, and research and development right here in the United 
States. The Innovation Promotion Act keeps American businesses 
competitive by reducing their tax rate on patented products by more 
than half to 10 percent.
  This lower tax rate is a major incentive to keep production here in 
the United States and will better ensure American companies that choose 
to stay in the U.S. can compete with foreign competitors, expand to new 
markets, and hire new workers.
  I urge my colleagues to join me in supporting American 
entrepreneurship, American innovation, and American jobs. Sign on to 
the Innovation Promotion Act to build America's economic leadership in 
the world and promote job creation right here at home.

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