President’s Budget Calls for Investments in Research, STEM Education

by Semiconductor Industry Association

The President’s fiscal year 2014 budget, released today, includes a number of proposals that would help enable the U.S. semiconductor industry and other tech sectors to do what they do best: drive economic growth and job creation through world-class innovation. The President’s plan calls for increased federal investments in key research and development programs, an expanded and permanent R&D tax credit, initiatives to bolster STEM education and advanced manufacturing, and corporate tax reform, all of which are critical to the U.S. semiconductor industry and America’s economic strength and global competitiveness. 

Thanks largely to R&D investments and incentives, semiconductor technology has enabled some of the top innovations of the last 60 years, and our greatest potential lies ahead. Recognizing the importance of R&D, the U.S. semiconductor industry has put its money where its mouth is, investing more than one-fifth of its total revenue in R&D last year and spearheading hugely successful government-industry-university research partnerships such as the Semiconductor Technology Advanced Research network (STARnet) and the Nanoelectronics Research Initiative (NRI). These programs have helped sustain the pipeline of discoveries that fuel our industry and the overall economy.

Innovation and opportunity are the foundation of America’s strength. Congress and the Administration should work together to reconcile their vastly different budget proposals and enact a fiscal plan that supports innovation through investments in cutting edge university research and bolsters economic opportunity through common sense tax reforms that allow businesses to grow, invest and hire new workers.