The Aerospace Industries Association urged congressional leaders to delay the research and development tax amortization change as the conference committee works to reach a final agreement on the America COMPETES Act and the U.S. Innovation and Competition Act.
In a June 30th letter to Congress, AIA said overturning the R&D tax amortization requirement will help support the country’s manufacturing workforce and maintain U.S. competitive advantage over China.
“Addressing this tax change is necessary to revive our manufacturing workforce and incentivize production of American made goods. With less private investment in R&D, our workforce continues to lag behind in high-tech skills and expertise necessary to produce vital technology like semiconductors,” the letter reads.
“As you know, maintaining America’s competitive edge has never been more essential, and we cannot afford to handcuff innovation with tax policy that disincentives R&D.”
AIA President and CEO Eric Fanning signed the letter with 19 chief executives and chairs of aerospace and defense companies. They are:
- Anne Shybunko-Moore, owner and CEO of GSE Dynamics
- Christopher Kastner, president and CEO of HII
- Christopher Kubasik, chair and CEO of L3Harris Technologies
- Eric DeMarco, president and CEO of Kratos Defense & Security Solutions
- Fatih Ozmen, CEO and owner of Sierra Nevada Corp.
- Greg Hayes, chairman and CEO of Raytheon Technologies
- Karl Hutter, president and CEO of Click Bond
- Kathleen Boyle, chairman and CEO of Verify
- Kathy Warden, chair, CEO, president of Northrop Grumman and a 2022 Wash100 awardee
- Mark Aslett, president and CEO of Mercury Systems
- Mark Lee, chairman of Aero-Mark
- Michael Canario, CEO of Norsk Titanium
- Patrick Boyle, executive director of IgniteLI, the Manufacturing Consortium of Long Island
- Phebe Novakovic, chairman and CEO of General Dynamics and a 2022 Wash100 awardee
- Roger Krone, chairman and CEO of Leidos and a 2022 Wash100 awardee
- Scott Donnelly, chairman, president and CEO of Textron
- Sol Kanthack, president of Andrews Tool
- Thomas Arseneault, president and CEO of BAE Systems Inc.
- Thomas Gentile, president and CEO of Spirit AeroSystems
Fanning, Aslett and Kubasik are previous Wash100 Award recipients.
