The proposed American Research and Competitiveness Act of 2011 has the support of AdvaMed. The bill modernizes research and development tax policies by reducing the maximum income tax rate on corporations to 25% of corporate taxable income exceeding $50,000. It also provides a special rule for any taxable year in 2011 by establishing a maximum 30% rate for corporate taxable income exceeding $75,000.

Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement:

“America’s medical device manufacturers commend Rep. Kevin Brady (R-TX), Rep. John Larson (D-CT), Rep. Erik Paulsen (R-MN) and Rep. Anna Eshoo (D-CA) for introducing the American Research and Competitiveness Act of 2011.

“While the US is currently the recognized world leader in medical technology, its continued leadership is by no means assured. American tax policy must sufficiently support research and development for industries like medical technology to level the playing field with foreign governments eager to attract American jobs and develop home-grown competitors to American firms. If America fails to lead the world in this century of the life sciences, we put in jeopardy the future of our nation’s economy.

“We believe the bill introduced would contribute to continued US leadership in medical technology, as well as our industry’s ability to provide patients here in the US and around the globe with innovative life-saving and life-enhancing technologies.”