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Imiehexjlakh jmzz lijkxeh0‡ Melio| hzlib m liz~hjlmi m fohlokz m ~mexjz m qxokl| jmimk‡ Hjlhij| zxth|z‡ Foiobhfhi zxelhz‡ Jmizxfh zxth|z‡

 Oethlzlib m ~mfmlmiz‡ h ojqxlzllmi m oimch“z ~ohi+ fmehk+ ~mexjlmi+ m ~mjhzz‡ Qhzhojc li jmiihjlmi rlc klho|+ clzmljok+ m zlflko ~m`hjz‡ Hs~hielxhz ~ole m lijxhe m ch ~x~mzh m ozjholilib ch hslzhijh+

kmjolmi+ hshi+ m qxokl| m oi| eh~mzl m mh+ mlk+ boz+ m mch flihok)

Ehexjlalkl| lz otolkoakh im mik| m jmzz lijxhe a| ch axzlihzz lzhk ax okzm

m ~o|fhiz jmthlib Q$E jmiojhe m oimch mboilpolmi zxjc oz o hzhojc

lizlxh+ mxieolmi+ hiblihhlib jmf~oi|+ m zlflko jmiojm)

oakh 5 zcmrz ch ofmxi m ch jm~moh os hs~hielxh m ch Q$E ehexj&lmi oie ch mok ofmxi m liexz| Q$E z~hielib mf ?<<2 m 1>>3)

uoakh 5

Uch jmzu m ojjhkhqouhe Q$E ehexjulmi ojjmqelib um uch Mljh m Foiobhfhiu oie Axebhu

Uos hs~hieluxhz m uch lffhelouh hs~hizlib m jm~mouh Q$E z~hielib+ ?<<2‚1>>3 #% flkklmiz,

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z~hielib #jokhieoq |hoqz,

?<<2 ?+488 ?::+4???<<3 ?+48> ?58+>?4

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Zmxjh0 Hs~hizh ehexjulmi eouo mf Mjh m Foiobhfhiu oie Axebhu+ ‛Oiok|ulj ̂ hz~hjulthz+‖ tolmxz |hoz7 Q$E z~hielib eouo mf Ioulmiok Zjlhijh Amoe+ ‛Zjlhijh oie

Hiblihhlib Lieljoumz 1>?>+‖ O~~hiels uoakh 5&2)

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15 ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

h os hs~hielxh m ch ehexjlmi m Q$E hs~hizhz lz ch elhhijh

 ahrhhi ch ojxok ofmxi m ch ehexjlmi oie ch hzlfohe ‛aozhklih‖

ehexjlmi co rmxke ah okkmrhe xieh o th&|ho ofmlpolmi z|zhf) Oz zxb&

bhzhe a| o jmf~olzmi m ch rm jmkxfiz li ch oakh+ clz elhhijh ofmxiz

m o li| zcoh #ahrhhi >)< ~hjhi oie ?)4 ~hjhi, m ch xkk ofmxi m 

jm~moh Q$E hs~hizhz h~mhe li ch lbc&coie jmkxfi) hzh ixfahzlieljoh co ch lijhilth ~mtlehe a| ch Q$E os ehexjlmi lz zfokk hkolth

m ch zlph m axzlihzz Q$E z~hielib)

m mx gimrkhebh+ chh oh im hf~lljok zxelhz m ch hhjlthihzz m ch

Q$E os ehexjlmi oz oi lijhilth m lijhozh axzlihzz Q$E lithzfhi)

 Okcmxbc ch Q$E ehexjlmi lz im ch mjxz m clz h~m+ rh imh co l

 rmxke ah rmcrclkh m jmiexj oi hjmimflj ozzhzzfhi m lz hhjlthihzz oz

~o m ch ~mjhzz m hmflib ch jm~moh os z|zhf)

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14 ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

uoakh 8

Uch khblzkoulth clzumq| m uch jmq~mqouh Q$E uos jqhelu

Uch uos jhelu coz ahhi ofhiehe m hsuhiehe ?8 ulfhz mth uch ~ozu :> |hoz

Eouh m hiojufhiu

Hhjulth eouh Exqoulmi Qhfoqgz

Oxb) ?:+ ?<3? @xk| ?+ ?<3? 5 ?-1 |hoz

Lilulok jhelu aozhe mi ~htlmxz uchh |hoz m 

z~hielib ou o 18 ~hjhiu ouh) Q$E ehdilulmiklfluhe um uch Xiluhe Zuouhz+ uch coe zjlhijhz+ oie

liuhiok xielib)

Mju) 11+ ?<34 @oi) ?+ ?<34 : |hoz

Q$E ehdilulmi klfluhe um iomrh uhjcimkmbljok

ehdilulmi) Jhelu ouh hexjhe um 1> ~hjhiu) Aozlj

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dfz oie xilthzlulhz)

Imt) ?>+ ?<33 @oi) ?+ ?<3< ? |ho

Cok m uch Q$H Uos Jhelu um ah zxauojuhe mf

uch Q$E hs~hizh ehexjulmi) Uch umuok ofmxiu m 

uch jhelu lz klfluhe a| zhuulib o flilfxf aozh

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hzhojc hs~hizh)

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lijkxeh othobh Q$E&um&zokhz oulm m ?<35‚?<337

z~hjlok ooibhfhiu m dfz rluc im Q$E clzum|

exlib uch aozh ~hlme)

Imt) 8+ ?<<> @oi) ?+ ?<<? ? |ho Hsuhizlmi mik|

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Okuhioulth Lijhfhiuok Qhzhojc Jhelu liumexjhe+

aozhe mi mx ~htlmxz uos |hoz+ axu khzz bhihmxz

ucoi uch hbxko jhelu)

Oxb) 8+ ?<<2 @xih ?+ ?<<2 ?: fmiucz Hsuhizlmi mik|

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Okuhioulth Zlf~kldhe Jhelu ouh lijhozhe um ?5

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Ehj) ?2 1>?> @oi) ?+ 1>?> 1 |hoz Hsuhizlmi mik|

Zmxjh0 Oxucmz“ jmf~lkoulmi mf tolmxz zmxjhz)

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12 ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

 Uch aozh ofmxiu

h jm~moh Q$E os jhel roz ehzlbihe m ah oi lijhilth m lijhfhiok

Q$E z~hielib―l roz im fhoi m zxazlelph Q$E z~hielib co rmxke coth

mjjxhe oi|ro|) Li ~ojljh+ cmrhth+ l lz lf~mzzlakh m gimr rco ch z~hielib

khthk rmxke coth ahhi rlcmx ch os jhel―oie clz ~makhf coz ahehtlkhe chehzlbi m ch jhel mf lz lijh~lmi)

Lillokk| ch aozh khthk+ oamth rcljc oi| qxoklhe Q$E z~hielib rmxke ah

ehhfhe lijhfhiok+ roz jokjxkohe oz o fmtlib othobh m o jmf~oi|“z Q$E

z~hielib exlib ch ~htlmxz chh |hoz) lz jokjxkolmi fhcme roz oi ouhf~

m o~~mslfoh rco o jmf~oi| jmxke ah hs~hjhe m z~hie li ch oazhijh m 

ch jhel+ oie ch chh&|ho othobh o~~mojc zfmmche mx oi| oimfoklhz co

flbc coth jhohe ~hthzh mxjmfhz l o zlibkh |ho roz xzhe m ch aozh)

lz o~~mojc+ cmrhth+ lz zmfhrco jmxih~mexjlth ahjoxzh mih |ho“z lijhozhli Q$E olzhz ch aozh m hojc m ch mkkmrlib chh |hoz+ foglib l coeh m ch

jmf~oi| m hoi ch jhel li ch xxh) lz mroe&kmmglib hhj xiehflihz

ch lijhilth hhj m ch jhel+ oie clz fo| ojjmxi m ch jhel“z ~mm hzxkz li

hok| zxelhz+ elzjxzzhe ahkmr+ ahmh ch aozh&~hlme jokjxkolmi roz jcoibhe)

m jmhj m clz ~makhf+ o ?<<> htlzlmi m ch jhel mph ch aozh ~hlme

xzhe m jokjxkoh ch jhel o ?<35 m ?<33+ o khoz m jmf~oilhz lijm~mohe

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zofh ~hlme) h aozh ~hjhiobh lz jo~~he o ?4 ~hjhi+ rcljc roz lihiehe m

otmle ~hioklplib fz co coe th| clbc olmz m Q$E m zokhz li ch aozh ~hlme)

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~khs+ zolib o oi oalo| aozh ~hjhiobh m : ~hjhi co lz okkmrhe m jcoibh

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?>c |hoz exlib rcljc ch| coe qxoklhe Q$E hs~hizhz hklblakh m ch os jhel)

m jokjxkoh ch aozh ofmxi m Q$E z~hielib m jmf~oilhz xzlib clz fhcme+ch aozh ~hjhiobh lz fxkl~klhe a| ch othobh zokhz m ch mx os |hoz lffh&

elohk| ~hjhelib ch jxhi mih) L clz ofmxi lz khzz coi 8> ~hjhi m ch

hzhojc hs~hizhz co qxokl| m ch os jhel li ch jxhi |ho+ chi ch aozh

ofmxi lz olzhe m clz 8> ~hjhi flilfxf khthk)

Lu lz lf~mzzlakh

um gimr rcou

Q$E z~hielib

rmxke coth ahh

rlucmxu uch Q$E

uos jhelu―oie

uclz ~makhf co

ahehtlkhe uch

ehzlbi mf luz

lijh~ulmi)

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1< ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

hzh jlhlo bhihoh ch bhohz eljxk| m ch oeflilzolmi m ch jhel)

Dm fz+ ch| hqxlh oiok|plib oie ojglib hs~hizhz li o ro| co elhz zlb&

iljoik| mf chl jmithilmiok ojjmxilib fhcmez) Dm ch LQZ+ ch| hqxlh

ehktlib ehh~k| lim lzzxhz m hjcimkmb|+ zxjc oz rco lz okhoe| gimri oie chijh

im zxjlhik| lzg| m ah o qxoklhe hzhojc hs~hielxh)

h Lihiok Qhthixh Jmeh okzm z~hjlhz co mik| ch mkkmrlib |~hz m 

hs~hizhz m li&cmxzh hzhojc m jmioj hzhojc oh qxoklhe0

‡ Robhz ~ole m lijxhe m hf~km|hhz m qxoklhe zhtljhz‡ Ofmxiz ~ole m lijxhe m zx~~klhz xzhe li ch jmiexj m qxoklhe hzhojc‡ Ofmxiz ~ole m lijxhe m oimch ~hzmi m ch lbc m xzh‡ Jmf~xhz li ch jmiexj m qxoklhe hzhojc‡ Li ch jozh m jmioj hzhojc+ 48 ~hjhi m ofmxiz ~ole m lijxhe a| ch

os~o|h m oi| ~hzmi+ mch coi oi hf~km|hh+ m qxoklhe hzhojc

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lib hzhojc co lz0

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jmf~mihi‡ Qhkohe m ch oeo~olmi m oi hslzlib axzlihzz jmf~mihi m o ~oljxko

jxzmfh“z hqxlhfhiz‡ Qhkohe m ch ex~kljolmi m oi hslzlib axzlihzz jmf~mihi‡ Qhkohe m jholi hjlhij| zxth|z+ foiobhfhi xijlmiz+ m fogh hzhojc‡ Li ch zmjlok zjlhijhz+ oz+ m cxfoillhz‡ Dxiehe a| oimch hil| 

 Uosoalklu| m uch uos jhelu

h ?<33 os oj hexjhe ch zxazle| tokxh m ch jm~moh Q$E os jhel a| hqxllib fz m ehexj cok ch ofmxi m ch jhel mf chl os ehexj&

lmi m Q$E hs~hizhz) Li ?<3<+ ?>> ~hjhi m ch jhel ahjofh osoakh li

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 Uch ehilulmi o

fhozxhfhiu m

hzhojc hs~hiz

ucou qxokl| m

uch jhelu coth

ahhi fo`m oho

m jmiuhiulmi

ahurhhi axzlih

oie uch LQZ)

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:5 ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

oakh 4 hthokz zlbiljoi elhhijhz li ch MFA

oie LQZ fhozxhz m ch os jhel) hh oh im

mjlok hjmijlklolmiz m ch rm eoo zhz+ ax

chh oh zhthok klghk| hozmiz m ch elhhijhz

 ahrhhi chf) Dlz+ im okk jhelz jkolfhe oh

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oamx ?> ~hjhi m ch %5)5 alkklmi co roz

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Zhjmie+ im okk jhelz okkmrhe a| ch LQZ joi ah

xzhe li o blthi os |ho) h jhel lz imihxieoakh l 

ch jkolfoi coz lizxjlhi os kloalkl| li o blthi os 

 |ho+ li rcljc jozh ch jhel joi ah jolhe mroe

m x~ m 1> |hoz) le+ tolmxz os klflolmiz+

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eoo mi elhj hehok xielib m axzlihzz Q$E)

Ahrhhi ?<<2 oie 1>>3+ ch jm~moh Q$E os 

jhel bhr ozh coi elhj hehok xielib m

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coi elhj hehok xielib m Q$E)

oakh 2 zcmrz ch eoo mi axzlihzz Q$E z~hielib oie cmr l jmf~ohz m ch

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ch LQZ fhozxh m ch jkolfhe jhelz+ oie jkmzh m 1 ~hjhi xzlib ch fmh toloakh MFA os hs~hielxh fhozxh)

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ojmzz liexzlhz li ch xzh m ch jm~moh Q$E os jhel) oakh 3 zcmrz ch

uoakh 2

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5&27 ~hjhiuobh jmkxfi lz oxucmz“ jokjxkoulmiz mf uch eouo li Uoakh 4)

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:8 ji Ofoi ^bzz {  u j~o Q$e uos j oi X)Z) liitoi oi jf~tizz

hzhojc os jhelz jkolfhe li 1>>8 #ch kohz |ho m rcljc clz khthk m eholk lz

otolkoakh, a| ch zls liexz| bmx~z co emflioh axzlihzz Q$E z~hielib) hzh

liexzlhz ojjmxihe m 2> ~hjhi m ch mok jhelz jkolfhe+ rcljc lz mxbck| 

li ~m~mlmi rlc chl 24 ~hjhi zcoh m axzlihzz&xiehe Q$E)

L lz khzz jholi co clz ~m~mlmiokl| jolhz emri m ch f khthk) Okcmxbc

fmh coi ?>+>>> jmf~oilhz jkolf zmfh Q$E jhel hojc |ho+ o hr cxiehe kobh

jmf~oilhz emflioh) Li 1>>8 85< jmf~oilhz+ hojc rlc zokhz oamth %? alkklmi+

jkolfhe rm&clez m ch jhel) Ahjoxzh ch jmf~oilhz joiim khbokk| ah lehilhe

 a| ch LQZ m hozmiz m jmiehilokl|+ l lz lf~mzzlakh m ehhflih rchch ch

jhel jkolfhe a| lieltlexok jmf~oilhz roz li klih rlc chl Q$E hs~hizhz)

oakh 3 okzm zcmrz co ch jhelz jkolfhe a| chzh liexz| bmx~z to| oz o ~h&

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mxz o z bkoijh rc| jo jmf~oilhz rmxke ah emlib fmh hs~kmom| Q$E coi

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8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

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8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

http://slidepdf.com/reader/full/the-corporate-rd-tax-credit-and-us-innovation-and-competitiveness 64/69

8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

http://slidepdf.com/reader/full/the-corporate-rd-tax-credit-and-us-innovation-and-competitiveness 65/69

8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

http://slidepdf.com/reader/full/the-corporate-rd-tax-credit-and-us-innovation-and-competitiveness 66/69

8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

http://slidepdf.com/reader/full/the-corporate-rd-tax-credit-and-us-innovation-and-competitiveness 67/69

8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

http://slidepdf.com/reader/full/the-corporate-rd-tax-credit-and-us-innovation-and-competitiveness 68/69

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8/3/2019 The Corporate R&D Tax Credit and U.S. Innovation and Competitiveness

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