WASHINGTON – In his State of the Union address Tuesday night, President Barack Obama offered his support for several key elements of the American Growth, Recovery, Empowerment and Entrepreneurship Act, which U.S. Senator Chris Coons (D-Del.) introduced with Senator Marco Rubio (R-Fla.) in November.

Four provisions, including an extension of the Research & Development Tax Credit, an extension of adjusted expensing limits for small businesses, an extension of 100 percent bonus depreciation for small businesses for the full cost of investments in equipment and property, and an extension of zero capital gains taxes on key investments for small businesses, were all highlighted in the State of the Union address or in the President’s accompanying Blueprint for an America that is Built toLast strategy.

“President Obama knows that our country is so much stronger when Americans work together — regardless of their political party — to do what’s needed,” Senator Coons said. “There is so much that both parties agree on that we could take up and pass immediately, including the AGREE Act provisions that President Obama highlighted Tuesday night. We have to find a way to work together and, certainly, the millions of out-of-work Americans can’t wait for us to try." 

Tuesday’s State of the Union was President Obama’s third, and his sixth address before a joint session of Congress. In it, he outlined a broad strategy for continuing America’s economic recovery and ensuring it benefits all Americans, focusing on American manufacturing, domestic energy production, and strengthening the skills of American workers.

“The AGREE Act contains several measures that can play important roles in the implementation of the blueprint President Obama laid out this week… and they already have bipartisan support,” Senator Coons said. “The Domestic Manufacturing Tax Credit we proposed is a natural complement to the President’s proposal to target a domestic production incentive for manufacturers who create jobs here at home. Removing arbitrary per-country caps for employment-based immigrant visas, as we propose in the AGREE Act, would help accomplish President Obama’s goal of stopping the expulsion of talented young people who came from other countries to pursue college and advanced degrees in the United States. I look forward to working with the President to advance our legislation as part of this coordinated bipartisan strategy for an America that is truly built to last.”

To learn more about the AGREE Act: http://bit.ly/xEY8Xs and http://bit.ly/yLsQRa