Kirsten believes that last year’s election was not a mandate for any one political party, but rather it was a mandate for action on the economy and a job creation agenda. That’s why Kirsten’s number one focus is creating good-paying jobs and developing a long-term strategy to make New York’s businesses more competitive.
30 years ago, the United States was the global leader in providing tax incentives for private investment in research & development (R&D.) Today we have fallen to 17th in the world among developed nations.
We can’t afford to fall farther behind in the high-tech economy. It’s time we moved ahead on new strategies that will spur innovation by investing in R&D and leveraging private investment so that our great companies invest in new, innovative products and explore new ways to make their companies leaner and more efficient.
No other state is poised to lead in the new economy like New York. Our state is home to the universities, businesses, laboratories, researchers and the bright minds we need for long-term economic strength. Before the recession, R&D investment was already on the rise in New York. From 2003 to 2007, New York’s R&D sector grew by 16 percent, garnering a 28 percent increase in investment for a total of nearly $11 billion in 2007.
Kirsten knows we have the potential to grow this sector again. By supporting research and development, we can help our businesses become more competitive and create the high tech jobs of tomorrow.
Kirsten's innovation agenda calls for expanding the R&D tax credit, simplifying its formula and making the tax credit permanent.
Making the credit permanent could increase private investment in R&D by more than $7.5 billion and, according to one estimate, could create more than 162,000 jobs nationwide.
More than 2,000 New York companies could take advantage of this credit.
By expanding, simplifying and making the credit permanent, we can spur more innovation here in New York, fuel our economic growth, and create the jobs of the future right here where we need them the most.