PARMA, OH—U.S. Sen. Sherrod Brown (D-OH) today joined President Obama in Parma as the president called for a permanent extension of the research and development tax credit as part of a major address on the economy made before Cleveland-area families, students, and faculty at Cuyahoga County Community College. Last summer, Brown called on the Obama Administration to make permanent this critical tax credit, while promoting the domestic manufacture of cutting-edge technologies. Brown, who called for the extension as part of a national manufacturing strategy, is working alongside President Obama to pass the Small Business Jobs Act and to create jobs through a nationwide investment in transportation infrastructure.
“There’s no better place to discuss the challenges facing our economy and the need to boost job growth than right here in the state of Ohio,” said Brown. “The job creation strategy unveiled today by President Obama contains a number of important and effective proposals—like investing in our road and rail networks, which are in dire need of an upgrade—and extending the research and development tax credit. When the Senate returns next week, I look forward to working with my colleagues both here and in the House to pass not only these proposals, but the Small Business Jobs Act, which will support Ohio and America’s small businesses.”
Brown has introduced a package of key legislative proposals aimed at bolstering the competiveness of U.S. manufacturers. Today in Parma, President Obama called for making permanent the research and development tax credit for businesses. Last June, Brown wrote to Vice President Biden on the eve of his visit to Perrysburg, and urged the Administration to make this credit permanent.
Brown introduced the Investments for Manufacturing Progress and Clean Technology (IMPACT) Act last year to help small and mid-sized manufacturers retool for the clean energy economy. It is estimated that IMPACT could create 680,000 direct manufacturing jobs and nearly two million indirect jobs over five years. He is also a coauthor of the Security in Energy and Manufacturing (SEAM) Act, legislation that would expand loan and financing opportunities for Ohio manufacturers through the Advanced Energy Manufacturing Tax Credit (48C) program.
As Chairman of the Senate Banking Subcommittee on Economic Policy, Brown has also held a series of hearings examining best practices for building a national manufacturing policy. He has also been a longtime advocate for Ohio’s auto industry, and earlier in the day, celebrated the first Chevrolet Cruze “off the line” at General Motors’ Lordstown complex in Warren, Ohio.
For the past month, Brown has travelled the state as part of his “Made in Ohio Tour,” which kicked off in early August. With job creation as the top priority, Brown is fighting for a multi-pronged effort to promote economic development – from working to position Ohio as the Silicon Valley of Clean Energy Manufacturing, to establishing the state as a hub for high-growth industries. The key components of Senator Brown’s jobs strategy are: