SOTU Analysis: Investing in research and development
After working for eight years at a materials-based science company, Senator Coons was especially interested in plans for investing in scientific research and development laid out by President Obama in his State of the Union address this week.
President Obama didn’t disappoint, saying “Innovation also demands basic research. Today, the discoveries taking place in our federally-financed labs and universities could lead to new treatments that kill cancer cells but leave healthy ones untouched.” Delaware has long been a leader in basic research and innovation in this country. Basic research in Delaware is currently investigating disease pathways, developing stronger magnets, supporting the purchase of a specialized nuclear magnetic resonance spectrometer and building a massive neutrino telescope at the South Pole. Could any of these investments result in tomorrow’s game-changing technologies? We have no real way of knowing, which is why Chris believes we must continue to invest in a diversity of projects.
Chris supports these investments not only because they can improve our quality of life, but because they strengthen our economy by creating jobs across Delaware. In his first piece of legislation, the Job Creation Through Innovation Act, he called for increasing and making permanent the tax credit companies get for research and development, an idea strongly supported by a News Journal editorial. The permanence of the tax credit is especially important, since many projects have multi-year planning horizons and companies need the certainty for long-term planning in order to invest and create jobs in Delaware.
The formula for America’s economic success has long been the unstoppable combination of an innovative citizenry and investment in cutting-edge research. President Obama called on Congress directly to protect that vital investment, even in tough economic times. He urged “don’t gut these investments in our budget. Don’t let other countries win the race for the future. Support the same kind of research and innovation that led to the computer chip and the Internet; to new American jobs and new American industries.”
Click here to read more about Chris’ work supporting Delaware businesses.