WASHINGTON — Today, the House of Representatives passed H.R. 880, the American Research and Competitiveness Act of 2015, legislation introduced by Rep. Kevin Brady (R-TX) to make permanent the research and development tax credit. On passage, Ways and Means Committee Chairman Paul Ryan (R-WI) released the following statement.

“The R&D tax credit promotes innovation in our country by rewarding people for investing in our future. But passing one-year extensions only creates uncertainty in our economy. Making this credit permanent will give people the stability they need to invest in the latest research and technology. We need to fix our tax code from top to bottom, but this legislation is a clear improvement over the status quo.”