Arlington, Va. (Dec. 21, 2022) – Aerospace Industries Association (AIA) President and CEO Eric Fanning today released the following statement after the U.S. Congress failed to find a path forward to address a harmful research and development (R&D) tax amortization requirement before the end of the calendar year:
“American industry has always played a leading role in advancing the technologies needed to maintain our competitive edge, but it’s up to Congress to remove any roadblocks to innovation. It’s unfortunate that Congress couldn’t come together and pass a commonsense fix to a tax change that limits investment in American manufacturing and innovation, especially at a time when China is doubling down on research and development incentives. If Congress is serious about competing with China, they will put this on the top of their to-do list for 2023.”
In early December, AIA led a coalition of 14 top aerospace and defense companies in a letter urging congressional leaders to address R&D tax amortization by the end of the year. Fanning also joined Bret Baier on December 2 to discuss the issue. Learn more about this tax provision here.