NVCA Today

On May 28, the House of Representatives passed the America COMPETES Reauthorization Act (H.R. 5116), approving $84 billion over five years for basic and applied research programs at the National Science Foundation, the Department of Energy Office of Science, National Institute of Standards and Technology labs, and others. NVCA has long supported full funding for America COMPETES, which will help keep the country competitive in the fields of scientific and technological innovation.

Highlights include:

• A path for doubling approved funding levels for basic research programs over the next decade;
• Support for the Advanced Research Project Agency-Energy (ARPA-E), which is involved in high-risk, high-reward energy technology development, for which NVCA has heavily advocated;
• Federal loan guarantees to smaller businesses pursuing new technologies;
• Scholarships for K-12 teachers working in science, technology, engineering and math education.

The bill passed the House 262-150 and now moves to the Senate for approval.

Ironically, on the same day, the House also passed H.R. 4213 which will double the taxes on venture capitalists who invest over many years to bring a significant number of these government-funded innovations to market. The NVCA is strongly advocating for Senate passage of America Competes while calling on Senators to make meaningful changes to the carried interest provision in H.R. 4213 so that the full economic benefit of both bills can be realized.